USDCHF Analysis – Jul 26, 2008

USDCHF broke above 1.0351 resistance. Further rise to test 1.0539 is still possible, and a break of this level will confirm the resumption of long term up trend. Key support is now located at 1.0010, only fall below this level will signal deeper decline to 0.9900 area.

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