The USD/CHF continued its downward movement from 0.9838, and the fall extended as low as 0.9130. Resistance was located at the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible. On the upside, a clear break above the channel resistance could suggest that consolidation of the downtrend is underway, then a further rise to the 0.9400 – 0.9500 area could be seen.