USDCHF Weekly Analysis – December 14, 2013

USDCHF broke below 0.8890 support, and reached as low as 0.8839, suggesting that the downtrend from 0.9751 had resumed. Further decline could be expected and next target would be at 0.8500 area. Initial resistance is at 0.8950, and the key resistance is located at the upper line of the price channel on daily chart, only a clear break above the channel resistance could signal completion of the downtrend.

usdchf daily chart