USDCHF Analysis – November 6, 2010

USDCHF has formed a cycle top at 0.9971 level on 4-hour chart. Range trading between 0.9463 and 0.9971 would more likely be seen in a couple of weeks. Support is at 0.9463, a breakdown below this level will indicate that the downtrend from 1.1730 has resumed, then deeper decline could be seen to 0.9000 area.

For long term analysis, USDCHF is in downtrend, further decline towards 0.8500-0.9000 area is expected next several months.

usdchf daily chart