USDCHF Analysis – July 2, 2011

USDCHF is facing the resistance of the downtrend line from 0.9774 to 0.9339, as long as the trend line resistance holds, the price action from 0.8326 could be treated as consolidation of downtrend, and another fall towards 0.8000 is still possible. However, a clear break above the trend line will suggest that the fall from 0.9774 is complete, then further rally could be expected to follow.

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