USDCHF Analysis – Jan 3, 2009

USDCHF breaks below 1.0410 support and reaches 1.0366 level only. Further rise could be seen to 1.1000 next week. However, the price action from 1.0410 is more likely consolidation to the long term downtrend from 1.2296, and pullback is possible before breaking above 1.1130 resistance.

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