USDCHF Analysis – May 30, 2009

After a small sideways consolidation, USDCHF drops sharply from 1.0953, suggesting that the pair remains in downtrend from 1.1740. Further fall is still possible next week, and the next target would be at 1.0500 level. Key resistance is now at 1.0953, as long as this level holds, downtrend will continue.

For long term analysis, USDCHF has formed a cycle bottom at 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