USDCHF Analysis – January 15, 2011

USDCHF may be forming a cycle top at 0.9783 level on daily chart. Pullback to 0.9400-0.9500 area would likely be seen next week. As long as 0.9300 key support holds, the fall from 0.9783 is treated as correction of uptrend, one more rise to 1.0000 area is still possible.

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