USDCHF Weekly Analysis – May 31, 2014

USDCHF is facing the resistance of the price channel on daily chart. As long as the channel resistance holds, the price action from 0.8699 could be treated as consolidation of the downtrend from 0.9751 (Jul 9, 2013 high), one more fall to 0.8300 area to complete the downward movement is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 0.8600 already, then further rise to 0.9200 area could be seen.

usdchf chart