USDCHF Analysis – July 17, 2011

USDCHF continued its downward move from 1.1730 (2010 high) and reached as low as 0.8084. Further fall is expected after a minor consolidation and next target would be at 0.7900 area. Resistance is at the downtrend line on daily chart, only a clear break above the trend line could indicate that the fall from 1.1730 is complete.

For long term analysis, USDCHF is in downtrend from 1.1730, further decline to 0.7000 area to reach next cycle bottom on weekly is expected.

usdchf daily chart