USDCHF Analysis – May 1, 2010

USDCHF broke above 1.0898 previous high and reached as high as 1.0923 level. Further rally is still possible next week and next target would be at 1.1000 area. Support is now at 1.0700 followed by the lower border of the price channel on daily chart, only a clear break below the channel support could indicate that the rise from 1.0434 has completed.

For long term analysis, USDCHF’s uptrend from 0.9917 has resumed. Another rise to 1.1100-1.1200 area is expected.

usdchf daily chart