USDCHF Analysis – September 15, 2012

USDCHF continues its downward movement from 0.9971, and reaches as low as 0.9238. Further decline is still possible next week, and next target would be at 0.9000 area. Resistance is now at 0.9420, as long as this level holds, the downtrend will continue.

For long term analysis, USDCHF had formed a cycle top at 0.9971 on weekly chart. Further decline to 0.8500 area would likely be seen over the next several weeks.

usdchf daily chart