USDCHF Analysis – Jan 8, 2009

USDCHF might be forming a cycle top at 1.1277 on daily chart. Pullback to retest 1.0366 previous low support is expected in next several days. A break below this level will indicated that the long term downtrend from 1.2296 has resumed, and the next target would be at 0.9800 zone. However, above 1.1277 will signify lengthier correction of the long term downtrend is underway, and further rally could be seen to 1.1500 level.

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