USDCHF’s downward movement extends to as low as 1.0801 level. Resistance remains at the upper boundary of the falling price channel on 4-hour chart. As long as the channel resistance holds, deeper decline is still possible and next target would be at 1.0600-1.0750 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.