USDCHF Analysis – August 4, 2012

USDCHF remains in uptrend from 0.8931, the fall from 0.9971 is treated as consolidation of the uptrend. Deeper decline would likely be seen next week, and the target would be at 1.0500 area. Key resistance is at 0.9971, a break above this level could trigger another rise towards 1.0500.

For long term analysis, USDCHF has formed a cycle bottom at 0.8931 on weekly chart. Further rise towards 1.0500 would likely be seen over next several weeks.

usdchf daily chart