USDCHF Analysis – October 20, 2012

USDCHF breaks below 0.9239 support, and reaches as low as 0.9214. However, lengthier consolidation of the downtrend from 0.9971 would likely be seen in a couple of weeks, and one more rise to 0.9400 area to complete the consolidation is possible. Support is at 0.9210, only break below this level could trigger another fall towards 0.9000.

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