USDCHF Analysis – August 22, 2009

USDCHF breaks below 1.0562 previous low and reaches as low as 1.0553 level. Deeper decline is still possible next week and target would be at 1.0450 zone. However the price action from 1.0590 is more likely consolidation of downtrend from 1.1963, one more rise towards 1.1000 to complete the consolidation is still possible.

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