USDCHF Analysis – Jul 16, 2008

USDCHF broke below 1.0111 support and reached 1.0010 low. Deeper decline to retest 0.9634 (Mar 17 low) support is still possible. Key resistance is now located at 1.0351, only rise above this level will signal resumption of long term up trend.

For long term analysis, USDCHF formed a long term cycle top at 1.0623 on weekly chart. Consolidation in a range between 0.9634 and 1.0623 is expected. Up trend will resume before breaking below 0.9634 level.

usdchf daily chart