USDCHF Analysis – October 30, 2010

USDCHF’s bounce from 0.9463 extended to as high as 0.9928 level. Further rise to 1.0000-1.0100 area to reach next cycle top on daily chart is expected next week. Key support is now at 0.9660, a breakdown below this level could indicate that a cycle top has been formed and the rise from 0.9463 has completed.

For long term analysis, USDCHF is in downtrend, further decline towards 0.8500-0.9000 area is expected next several months.

usdchf daily chart