USDCHF Analysis – May 28, 2011

After consolidation, USDCHF continued its downward movement from 1.1730, and reached as low as 0.8465. Further fall could be expected in a couple of weeks, and next target would be at 0.8300 area. Key resistance is now located at 0.8945, only break above this level could indicate that the fall from 1.1730 is complete.

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