USDCHF Weekly Analysis – January 12, 2014

USDCHF remains in downtrend from 0.9751, the price action from 0.8890 could be treated as consolidation of the downtrend. Key resistance is at 0.9249, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9249 will indicate that lengthier consolidation of the longer term downtrend from 0.9838 (May 22 high) is underway, the further rise to 0.9400 area could be seen.

usdchf chart