USDCHF Analysis – July 25, 2009

USDCHF stayed in a trading range between 1.0590 and 1.1021 for several weeks. The pair might be forming a cycle bottom at 1.0622 level on daily chart. Key resistance is at 1.0820, a break above this level will confirm the cycle bottom and indicate that the fall from 1.1021 has completed, then further rally is expected to re-test 1.1021 resistance.

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