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USDCHF Analysis - July 24, 2010 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 24 July 2010 02:37 GMT
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USDCHF's downward movement extended to as low as 1.0394 level. Resistance is at 1.0675, as long as this level holds, downtrend could be expected to continue, and another fall to 1.0200-1.0300 would more likely be seen.
However, above 1.0675 could indicate that the fall from 1.1730 is complete, then bounce to 1.1200-1.2300 area could be seen.
For long term analysis, USDCHF formed a cycle top at 1.1730 level on weekly chart. Further fall to 1.0200 is expected in next several weeks.
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