USDCHF Analysis – Aug 6, 2008

USDCHF breaks above 1.0539 resistance. Further rise to test 1.0623 (May 8 high) could be seen in a couple of days. Consolidation would more likely be seen before breaking above 1.0623 level. Initial support is at 1.0430, break of this level will signal consolidation to up trend. Key support is at 1.0314, only fall below this level will take price back to retest 1.0010 previous low support.

For long term analysis, USDCHF broke above 1.0539 resistance, suggesting that the fall from 1.0623 has completed. The rise from 1.0010 is now treated as resumption of long term up trend. Further rise towards 1.1000 is expected.

usdchf daily chart