USDCHF Analysis – December 1, 2012

USDCHF is facing 0.9214 support, a breakdown below this level could signal resumption of the downtrend from 0.9971, then the target would be at 0.8500 area. Resistance is at 0.9345, only break above this level could indicate that a cycle bottom is being formed on daily chart, then further rise to test 0.9511 resistance could be expected.

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