USDCHF Analysis – Sep 3, 2008

USDCHF’s up trend remains and the rise from 1.0010 extends further to as high as 1.1128 level. Further rise is expected to 1.1300 level in next few days. Initial support is at 1.0842, only break down below this level will signal reversal to the current 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