USDCHF Analysis – June 30, 2012

USDCHF stays in a trading range between 0.9421 and 0.9769. Support is at 0.9421, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 0.8931, another rise towards 1.0000 is still possible after consolidation. On the downside, a breakdown below 0.9421 support will indicate that the uptrend from 0.8931 has completed at 0.9769 already, then pullback to 0.9100 area could be seen.

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