USDCHF Analysis – December 8, 2012

USDCHF failed to break below 0.9214 previous low support, and rebounded from 0.9241, suggesting that a cycle bottom had been formed on daily chart, and lengthier consolidation of the downtrend from 0.9971 is underway. Further rise could be expected next week, and next target would be at 0.9450 area. Support is now at 0.9241, only break below this level could trigger another fall towards 0.8500.

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 months.

usdchf daily chart