USDCHF Analysis – December 3, 2011

After breaking above 0.9314 previous high, USDCHF pulled back from 0.9329, suggesting that a cycle top is being formed on daily chart. Deeper decline would likely be seen next week, and target would be at 0.8850 area. Key resistance is at 0.9329, only break above this level could signal resumption of uptrend from 0.8569.

For long term analysis, USDCHF remains in uptrend from 0.7067. Further rise towards 1.0000 could be seen over next several months.

usdchf daily chart