USDCHF Analysis – Dec 20, 2008

USDCHF rebounds sharply from 1.0410, suggesting that a cycle bottom has been formed on daily chart. Consolidation in a range between 1.0410 and 1.1350 would more likely be seen in a couple of weeks. Near term support is now located at 1.0410, only break below this level will signal resumption of long term down trend.

For long term analysis, USDCHF has formed a cycle top at 1.2296 on weekly and monthly chart. Further fall to retest 0.9634 (Mar 17 low) support could be seen.

usdchf daily chart