USDCHF Analysis – August 12, 2012

USDCHF is in uptrend from 0.8931, the pullback from 0.9971 is likely consolidation of the uptrend. Another fall to 0.9500 area to completion the consolidation is expected over the next several days. Key resistance is at 0.9971, a break above this level could signal resumption of the uptrend.

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