USDCHF Analysis – July 23, 2011

USDCHF might be forming a cycle bottom at 0.8082 on daily chart. Consolidation of downtrend is expected in a couple of weeks, and further rally to test 0.8550 key resistance is possible, a break above this level could indicate that the downtrend from 1.1730 is complete. Support is at 0.8082, only break below this level could signal resumption of downtrend.

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