USDCHF Analysis – Aug 16, 2008

USDCHF’s up trend remains, and the rise from 1.0010 extends to as high as 1.1007 level. Further rise towards 1.1200 level is still possible next week. Initial support is now located at 1.0740, 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