USDCHF Analysis – April 28, 2012

USDCHF moves sideways in a narrow range between 0.8931 and 0.9333. Support is at 0.8931, a breakdown below this level will signal resumption of the downtrend from 0.9594, then deeper decline towards 0.8600 could be seen. On the upside, a break above 0.9333 could indicate that the sideways movement has complete, then the following uptrend could bring price to 1.0000 area.

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

usdchf daily chart