USDCHF Analysis – August 8, 2009

After breaking below 1.0590 previous low, USDCHF rebounds sharply from 1.0562, suggesting that the pair is back to range trading between 1.0562 and 1.1021. Further rise to re-test 1.1021 is possible next week. However, the price action from 1.0590 is treated as consolidation of downtrend from 1.1963, deeper decline is still possible to 1.0200-1.0300 area after consolidation.

For long term analysis, USDCHF is in long term downtrend from 1.1963, further fall is expected to 1.0200-1.0300 area in next several weeks.

usdchf daily chart