USDCHF Analysis – Jun 11, 2008

USDCHF broke below 1.0211 support and reached 1.0147 only. The pair might be forming a cycle bottom at 1.0147 on daily chart. Further rise to test 1.0623 previous high resistance is expected in next several days. Only break below 1.0147 level will turn price back to 1.0000 area.

For long term analysis, USDCHF formed a long term cycle bottom at 0.9634 level on weekly chart. Sideways consolidation in a range between 0.9634 and 1.0623 is expected.

usdchf daily chart