USDCHF Analysis – Dec 17, 2008

USDCHF drops sharply to as low as 1.1142 level. Deeper decline is still possible to 1.0900-1.1000 area in next several days. Initial resistance is located at 1.1500, as long as this level holds, downtrend will continue. However, above 1.1500 will indicate that the fall from 1.2296 has completed.

For long term analysis, USDCHF remains in long term bullish movement. The fall from 1.2296 is treated as consolidation of long term up trend. Further rise is still possible to 1.3000 zone in next several weeks.

usdchf daily chart