USDCHF Analysis – May 19, 2012

USDCHF’s upward movement from 0.8931 extends to as high as 0.9500. Another rise to test 0.9594 previous high resistance would likely be seen next week, a break above this level will indicate that the longer term uptrend from 0.7067 (Aug 9, 2011 low) has resumed, then further rise towards 1.0000 could be seen. Support is at 0.9250, only break below this level could bring price back to 0.8500 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