USDCHF is in down trend. The rise from 1.1622 is treated as consolidation to the up trend. Further rise towards 1.1850 area to reach the next cycle top on daily chart is still possible in the next several days. Near term support is at 1.1622, and a break below this level will signal the resumption of the down trend. For long term analysis, USDCHF is in long term bearish movement, fall towards 1.1287 (2004 low) to reach the next cycle bottom on weekly chart is expected.