USDCHF Analysis – March 30, 2013

USDCHF traded in a narrow range between 0.9352 and 0.9567. Key support is at 0.9352, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.9021, another rise to 0.9800 area is still possible. On the downside, a breakdown below 0.9352 will confirm that the uptrend from 0.9021 had completed at 0.9567 already, 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 0.9800 could be expected over the next several weeks.

usdchf daily chart