After almost 2 months of the consolidation period, USDCHF entered a downtrend since May 28, 2020. In this analysis, you can see two major phases of this downtrend measured by Fibonacci retracement . In the first phase, Fib 0.5 - 0.382 area played the role of resistance, which eventually broke down towards a new trend we are currently experiencing. The current second phase of the downtrend started on June 30, 2020, and as of now (July 16), testing the Fib 0.5 - 0.382 as resistance.