USDCHF Analysis – August 30, 2009

USDCHF remains in downtrend from 1.0883. Deeper decline is still possible next week and next target would be at 1.0450-1.0500 area. Key resistance is now located at 1.0714, a break above this level will indicate that the fall from 1.0883 has completed and the following uptrend will take price back to 1.1000 zone.

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