USDCHF Analysis – May 8, 2010

USDCHF’s uptrend from 1.0434 extends to as high as 1.1245 level. Further rally is still possible next week and next target would be at 1.1350-1.1400 area. Key support is at 1.0900, below this level will indicate that a cycle top has been formed on daily chart, then deeper decline could be seen to 1.0500 area.

For long term analysis, USDCHF’s uptrend from 0.9917 has resumed. Another rise to 1.1350-1.1400 area is expected.

usdchf daily chart