USDCHF Analysis – February 23, 2013

USDCHF is facing the resistance of the downward trend line on daily chart, a clear break above the trend line resistance will suggest that the downtrend from 0.9971 had completed at 0.9021 already, then further rise to 0.9700 area could be seen. However, as long as the trend line resistance holds, the downtrend could be expected to resume, and one more fall to 0.8800 area is still possible.

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