USDCHF Analysis – July 4, 2009

USDCHF is in range trading between 1.0590 and 1.1021. Further rally is still in favor and the next target would be at 1.1200 or even higher. 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