USDCHF Analysis – July 19, 2009

USDCHF stays in a trading range between 1.0590 and 1.1021. Deeper decline to 1.0600-1.0650 area to reach the next cycle bottom on daily chart is expected next week. However, 1.0590 key support would more likely be held, one more rise above 1.1021 to completed the sideways consolidation is still in favor.

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