USDCHF Weekly Analysis – December 29, 2013

USDCHF’s downward movement from 0.9249 extended to as low as 0.8799. Further decline could be expected, and next target would be at 0.8500 area. Key resistance is located at the upper line of the price channel on daily chart, only a clear break above the channel resistance could indicate that lengthier consolidation of the longer term downtrend from 0.9838 (May 22 high) is underway, then further rise to 0.9400 area could be seen.

usdchf chart