USDCHF Analysis – July 7, 2012

USDCHF breaks above 0.9769 previous high resistance, suggesting that the uptrend from 0.8931 has resumed. Further rise could be expected next week, and next target would be at 1.0000 area. Key support is now located at 0.9421, only break below this level could signal completion of the uptrend.

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