USDCHF Analysis – June 6, 2009

USDCHF is testing the resistance of the falling trend line from 1.1740 to 1.1264, a break above the trend line resistance will signal further rally to 1.1000 zone. However, the rise from 1.0590 is more likely consolidation of the downtrend from 1.1740, deeper decline is still possible to 1.0400 zone after consolidation.

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