USDCHF broke above 0.9040 resistance, suggesting that a cycle bottom has been formed at 0.8881 on 4-hour chart, further rally is possible later today, and target would be at 0.9100-0.9150 area. However, the rise is treated as consolidation of downtrend from 0.9314, another fall could be seen after consolidation, and a breakdown below 0.8881 could signal resumption of downtrend.

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