Being contained by the medium term key support at 1.1459, USDCHF rebounds from 1.1484 level, suggesting a short term cycle bottom is being formed and consolidation between 1.1459 and 1.1700 is expected in a couple of days. Deeper decline would more likely be seen after consolidation, and a break below 1.1459 level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has completed and the following downtrend could bring price to 1.1000 zone.