USDCHF Analysis – January 8, 2011

USDCHF bounced strongly from 0.9300, suggesting lengthier consolidation of downtrend from 1.1730 is underway. Further rally is expected in next several weeks and target would be at 1.0000 area. Support is at 0.9300, only break below this level could signal resumption of downtrend.

For long term analysis, USDCHF is in consolidation of downtrend. Bounce to 1.0000 area to reach next cycle top on weekly chart is possible in next several week.

usdchf daily chart