USDCHF Analysis – June 16, 2012

USDCHF breaks below 0.9500 key support, suggesting that a cycle top has been formed at 0.9769 on daily chart, and the upward movement from 0.9043 has completed. Deeper decline could be expected next week, and next target would be at 0.9200-0.9300 area. Key resistance is now at 0.9769, only break above this level could trigger another rise toward 1.0000.

For long term analysis, USDCHF has formed a cycle bottom at 0.8931 on weekly chart. Further rise towards 1.0000 would likely be seen over next several weeks.

usdchf daily chart