USDCHF Analysis – April 25, 2009

USDCHF drops below the lower border of the price channel on daily chart, suggesting that a cycle top has been formed at 1.1740 level. Deeper decline is now in favor and the next target is to test 1.1159 support, below this level will signal further fall towards 1.0950 or even lower.

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