USDCHF Analysis – Oct 11, 2008

USDCHF pulled back from 1.1486 and formed a sideways consolidation in a range between 1.1128 and 1.1486. Further rally could be seen after consolidation, a break of 1.1486 level will signal resumption of up trend, and the next target would be at 1.1800 zone. Initial support is located at 1.1128, and followed by the up trend line 1.0010 to 1.0693, now at 1.0900 level.

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