USDCHF Analysis – June 27, 2009

USDCHF breaks above 1.0986 resistance, suggesting that the downtrend from 1.1740 has completed at 1.0590 level already. Further rally is now in favor and the next target is at 1.1200, above this level will signal further rally to 1.1500-1.1600 area. Key support is now at 1.0590, only fall below this level will indicate that the downtrend from 1.1963 has resumed.

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