USDCHF Analysis – March 17, 2012

USDCHF rebounded from the lower line of the price channel on daily chart, and the rise from 0.8931 had extended as high as 0.9333. Further rise is still possible next week, and next target would be at 0.9500 area. Support remains in the lower line of the channel, only a clear break below the channel could trigger another fall to 0.8700 zone.

For long term analysis, USDCHF may be forming a cycle bottom at 0.8931 on weekly chart. Further rise towards 1.0000 could be seen over next several months.

usdchf daily chart