USDCHF Analysis – Mar 11, 2009

USDCHF breaks below 1.1459 key support, suggesting that a cycle top has been formed at 1.1883 level on daily chart and the rise from 1.0366 has completed at this level. Deeper decline is now in favor and target would be at 1.1000 zone. Key resistance is located at 1.1883, only rise above this level will indicate that the uptrend from 1.0366 has resumed and then further rally could be seen 1.2000 zone.

For long term analysis, USDCHF has formed a cycle bottom 1.0366 level on weekly chart. Consolidation in a range between 1.0366 and 1.2296 is expected in a couple of months.

usdchf daily chart