USDCHF Analysis – December 29, 2012

USDCHF stays within a downward price channel on daily chart, and remains in downtrend from 0.9511. Another fall could be expected after consolidation, and next target would be at 0.8900 area. Resistance is at the upper line of the channel, only a clear break above the channel resistance could signal completion of the downtrend.

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