USDCHF traded in a narrow range between 0.9114 and 0.9249 for several days. The price action in the range could be treated as consolidation of downtrend from 0.9594. Key resistance is at 0.9350, as long as this level holds, downtrend could be expected to resume, and one more fall towards 0.8900 is still possible. However, a break above 0.9350 will indicate that the downward movement from 0.9594 had completed at 0.9114 already, then the following upward move could bring price back towards 0.9594 previous high.

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