USDCHF Analysis – Nov 1, 2008

USDCHF formed a cycle top at 1.1746 level. Sideways consolidation in a range between 1.1208 and 1.1746 could be seen next week. As long as 1.1746 previous high resistance holds, we’d expect consolidation to long term up trend is underway and pullback towards 1.1000 zone is still possible.

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