USDCHF Analysis – May 14, 2011

USDCHF had formed a cycle bottom at 0.8553 on daily chart. Further rally is still possible next week, and next target would be at 0.9000-0.9100 area. However, the bounce from 0.8553 is likely consolidation of long term downtrend from 1.1730, another 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