USDCHF Analysis – May 7, 2008

USDCHF’s up trend remains and pullback from 1.0606 is treated as consolidation to the up trend. Further rise to 1.0800 to reach the next cycle top on daily chart is still possible after consolidation. Initial support is at 1.0298, only break of this level will signal reversal to the up trend.

For long term analysis, USDCHF is in long term down trend. As long as 1.0750 resistance holds, deeper decline towards 0.9000 area is in favor.

usdchf daily chart