USDCHF extended the fall from 0.9718 (April 23, 2015 lower high) to 0.9072 (May 7, 2015 low), retracing 61.8% of the 0.8476/1.0126 rise, before consolidating. While the 0.9357 resistance area (May 12, 2015 high) caps, a breakdown below 0.9072 remains favored, extending the downtrend within a 4-week falling channel towards 0.8848 (near 76.4% of the 0.8476/1.0126 rise). It would take an upside push back above 0.9357 to stabilize. Outlook: Short term: bearish Long term: neutral