USDCHF Analysis. Jan 23, 2008

USDCHF formed a cycle bottom at 1.0836 on daily chart. Consolidation to the down trend may be expected in the next several days. Down trend will resume after consolidation, and a breakdown below 1.0836 is needed to confirm such case. Near term resistance is at 1.1189, as long as this resistance holds, down trend will continue.

For long term analysis, USDCHF is in long term down trend, further fall towards 0.9000 to reach the next cycle bottom on weekly chart is expected.

usdchf daily chart