USDCHF Analysis – July 28, 2012

USDCHF has formed a cycle top at 0.9971 on daily chart. Deeper decline to 0.9500 area would likely be seen. Key support is at 0.9421, as long as this level holds, the fall from 0.9971 is treated as consolidation of the uptrend from 0.8931, another rise towards 1.0500 is still possible after consolidation.

For long term analysis, USDCHF has formed a cycle bottom at 0.8931 on weekly chart. Further rise towards 1.0500 would likely be seen over next several weeks.

usdchf daily chart