USDCHF Analysis – November 10, 2012

USDCHF breaks above 0.9437 resistance and reaches as high as 0.9498, suggesting that lengthier consolidation of the downtrend from 0.9971 is underway. Further rise could be expected next week, and next target would be at 0.9600 area. Support is at 0.9380, only break below this level could trigger another fall to test 0.9214 support.

For long term analysis, USDCHF had formed a cycle top at 0.9971 on weekly chart. Further decline to 0.8500 area would likely be seen over the next several weeks.

usdchf daily chart