USDCHF Analysis – May 5, 2012

USDCHF stays in a narrow range between 0.8931 and 0.9333. Another rise to test 0.9333 resistance would likely be seen next week, a break above this level could trigger another rise towards 1.0000. Support is at 0.8931, a breakdown below this level could bring price 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 would likely be seen over next several months.

usdchf daily chart