USDCHF Analysis – Aug 2, 2008

USDCHF is testing the previous high resistance at 1.0539, a break of this level will confirm the resumption of long term up trend from 0.9634 (Mar 17 low). Key support is now located at 1.0314, only fall below this level will turn price back to range trading between 1.0010 and 1.0623.

For long term analysis, USDCHF formed a long term cycle top at 1.0623 on weekly chart. Consolidation in a range between 0.9634 (Mar 17 low) and 1.0623 is expected. Up trend will resume before breaking below 0.9634 level.

usdchf daily chart