USDCHF Analysis – Jul 19, 2008

USDCHF rebounded from 1.0010 level. Further rise to 1.0400 to reach the next cycle top on daily chart is still possible next week. Initial resistance is at 1.0351 and long term key resistance is located at 1.0539, rise above 1.0539 level will indicate that the down trend from 1.0623 has completed.

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