USDCHF Weekly Analysis – January 5, 2014

USDCHF broke above the upper line of the price channel on daily chart, suggesting that the downtrend from 0.9751 had completed at 0.8799 already. Further rally could be expected, and next target would be at 0.9200, followed by 0.9400. Key resistance is at 0.9450, as long as this level holds, the rise from 0.8799 could be treated as consolidation of the longer term downtrend from 0.9838 (May 22 high), one more fall towards 0.8500 is still possible after consolidation. Only break above 0.9450 resistance could signal completion of the downtrend.

usdchf chart