USDCHF Analysis – January 29, 2011

USDCHF had formed a cycle top at 0.9783 level on daily chart. Deeper decline towards 0.9300 could be seen next week, a breakdown below this level will target 0.9000 area. Resistance is at 0.9550, only break above this level could bring price back towards 1.0000 area.

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 weeks.

usdchf daily chart