USDCHF stays below a falling trend line from 1.0624 to 1.0277 and remains in downtrend. As long as the trend line resistance holds, downtrend from 1.1730 (Jun 1 high) is expected to continue and another fall towards 0.9634 (2008 low) is still possible after a minor consolidation. Resistance is now at 0.9877, a break above this level will indicate the a cycle bottom has been formed at 0.9708 level on 4-hour chart, then lengthier consolidation of downtrend could be seen and further rally towards the trend line resistance is possible.