USDCHF Analysis – June 1, 2013

USDCHF breaks below the support of the lower line of the price channel on daily chart, suggesting that the upward movement from 0.9206 had completed at 0.9838 already. Further decline would likely be seen, and next target would be at 0.9300 area. Resistance is now at 0.9838, only break above this level could trigger another rise to test 0.9971 (Jul 24, 2012 high) resistance.

For long term analysis, USDCHF is in downtrend from 0.9971 (Jul 24, 2012 high). Another fall to 0.8500 area could be expected over the next several weeks.

usdchf daily chart