USDCHF Analysis – September 9, 2012

USDCHF’s fall from 0.9971 extends to as low as 0.9434, and is now facing 0.9421 key support, a breakdown below this level will indicate that the uptrend from 0.8931 has completed, then deeper decline towards 0.9000 could be seen. Resistance is at the downward trend line on daily chart, only a clear break above the trend line could trigger another rise towards 0.9971.

For long term analysis, USDCHF may be forming a cycle top at 0.9971 on weekly chart, key support is at 0.9421, a breakdown below this level will confirm the cycle top.

usdchf daily chart