USDCHF remains in short term downtrend from 1.1740. Deeper decline to test 1.1303 could be seen in a couple of days. A break down below this level will indicate that the rise from 1.1159 (Mar 19 low) has completed. Initial resistance is at 1.1450, and key resistance is at 1.1500, above this level will suggest that a short term cycle bottom has been formed at 1.1349 already, and then further rebound could be seen to 1.1600 zone.