USDCHF Analysis – Oct 30, 2008

USDCHF breaks below 1.1400 key support, suggesting that a cycle top on daily chart has been formed at 1.1746 level. Deeper decline to test the support of the up trend line from 1.0010 to 1.0693 could be seen in a couple of days. If the trend line support gives way, the next target would be at 1.0800 zone.

For long term analysis, USDCHF remains in long term bullish movement. Further rise is still possible to 1.2500 zone in next several weeks.

usdchf daily chart