USDCHF Analysis – Mar 28, 2009

USDCHF formed a cycle top at 1.1963 level on daily chart and is now in medium term downtrend. The rebound from 1.1159 is treated as consolidation of the downtrend. Deeper decline is possible to 1.0800 zone in a couple of weeks, and a break below 1.1159 will confirm the resumption of the downtrend.

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