USDCHF Analysis – September 5, 2009

USDCHF traded in a narrow range between 1.0530 and 1.0714 for several days. As long as 1.0714 resistance holds, downtrend is expected to continue and deeper decline to 1.0450-1.0500 area would more likely be seen after consolidation. However a break above 1.0714 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 bearish movement from 1.1963, further fall is expected to 1.0200-1.0300 area in next several weeks.

usdchf daily chart