USDCHF Analysis – Oct 8, 2008

As expected, USDCHF breaks above 1.1416 previous high resistance and reaches as high as 1.1486 level. Further rise could be seen to 1.1800 zone in a couple of weeks. Initial support is at 1.1217 and followed by the up trend line from 1.0010 to 1.0693. As long as 1.1217 level holds, we’d expect up trend to continue.

For long term analysis, USDCHF is in long term bullish movement. Further rise is still possible to 1.2000 zone after consolidation.

usdchf daily chart