USDCHF Analysis – Aug 9, 2008

USDCHF broke above 1.0623 (May 8 high) previous high resistance and reached as high as 1.0835 level. Further rise to 1.1200 level is still possible in a couple of weeks. Initial support is located at 1.0600, only fall below this level will signal consolidation to up trend.

For long term analysis, USDCHF broke above 1.0623 (May 8 high) long term resistance, suggesting that the long term down trend from 1.3288 (2005 high) has completed. The rise from 0.9634 (Mar 17 low) is now treated as resumption of long term up trend. Further rise towards 1.1600 is now in favor.

usdchf daily chart

usdchf weekly chart

usdchf monthly chart