After range trading between 1.0800 and 1.0953, USDCHF dropped sharply from 1.0953 level, suggesting that a short term cycle top had been formed at 1.0953 level on 4-hour chart and the downtrend from 1.1740 had resumed. Further fall is expected to 1.0500 zone in a couple of days. Near term resistance is at 1.0750, as long as this level holds, the short term downtrend from 1.0953 will continue.