USDCHF breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9114. Further rally would likely be seen later today, and the target would be at 0.9300 area. Key resistance is at 0.9350, as long as this level holds, the bounce from 0.9114 is treated as consolidation of downtrend from 0.9594, and another fall towards 0.8900 is still possible after consolidation. On the upside, a break above 0.9350 will indicate that the downtrend has completed at 0.9114 already, then further rise towards 0.9594 previous high could be seen.

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