USDCHF Analysis – June 19, 2010

USDCHF dropped sharply to as low as 1.1081 level, suggesting that the rise from 0.9917 (2009 low) has completed at 1.1730 already. Deeper decline is still possible next week and next target would be at 1.0800-1.0900 area. Resistance is at 1.1200, as long as this level holds, downtrend from 1.1730 will continue.

For long term analysis, USDCHF is forming a cycle top at 1.1730 level on weekly chart. Key support is at 1.0850, a break below this level will confirm the cycle top.

usdchf daily chart
usdchf weekly chart