USDCHF Analysis – May 7, 2011

USDCHF is forming a cycle bottom at 0.8553 on daily chart. Range trading between 0.8553 and 0.9000 would likely be seen in a couple of weeks. However, the price action from 0.8553 would possibly be consolidation of long term downtrend from 1.1730, anther fall towards 0.8000 is still possible after consolidation.

For long term analysis, USDCHF is in downtrend from 1.1730, further decline to 0.8000 area to reach next cycle bottom on weekly is expected.

usdchf daily chart