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USDCHF is forming a short term cycle top at 1.1710 on 4-hour chart. Consolidation in a range between 1.1500 and 1.1710 could be seen in next several days. As long as 1.1500 support holds, we’d expect uptrend to resume, and further rise is possible to 1.2000 zone after consolidation, a break of 1.1710 will signal resumption of up trend. Only fall below 1.1500 will indicate that the up trend from 1.1128 has completed and then pullback to 1.1400 zone is expected to follow.
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