USDCHF Analysis – Jan 10, 2009

USDCHF might be forming a cycle top at 1.1277 on daily chart. Key support is now located at 1.0864, a break down below this level will confirm the cycle top, and then the following downtrend will bring price back to retest 1.0366 level. Only rise above 1.1277 will signal lengthier correction of the long term downtrend.

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