USDCHF Analysis – May 29, 2010

USDCHF remains in uptrend from 1.0434 and the fall from 1.1695 is treated as consolidation of uptrend. Support is now at 1.1400, as long as this level holds, we’d expect uptrend to resume and another rise to 1.1800 is still possible. However, below 1.1400 will indicate that lengthier consolidation of uptrend is underway , then deeper decline could be seen to 1.1300 area.

For long term analysis, USDCHF is in long term uptrend from 0.9917. Further rise would more likely be seen in a couple of weeks and next target would be at 1.2000 area.

usdchf daily chart