USDCHF Analysis – March 17, 2013

USDCHF is facing the support of the upward trend line on daily chart. As long as the trend line support holds, the fall from 0.9567 could be treated as consolidation of the uptrend from 0.9021, another rise to 97.00 area is still possible. However, a clear break below the trend line support will indicate that a cycle top has been formed at 0.9567, and the uptrend from 0.9021 has completed, then the following downward movement could bring price to 0.8500 zone.

For long term analysis, USDCHF had formed a cycle bottom at 0.9021 on weekly chart. Further rise to 0.9700 could be expected over the next several weeks.

usdchf daily chart