USDCHF Analysis – January 9, 2010

USDCHF formed a a cycle top at 1.0507 level on daily chart and the subsequent pullback is treated as consolidation of uptrend from 0.9917. Rang trading between 1.0100 and 1.0507 is expected in a couple of weeks. Another rise towards 1.0700 is still possible after consolidation. Key resistance is now located at 1.0507, a break above this level will indicate that a cycle bottom has been formed on daily chart and uptrend from 0.9917 has resumed.

For long term analysis, USDCHF has formed a cycle bottom at 0.9917 level on weekly chart. Bounce towards 1.0700 to reach next cycle top is expected.

usdchf daily chart