USDCHF Analysis – Feb 1, 2009

Being supported by the lower border of the rising price channel on daily chart, USDCHF rebounds from 1.1313 level. Further rise is still possible to 1.1900 zone, and a break of 1.1714 will confirm the resumption of the medium uptrend from 1.0366. Key support is now at 1.1313, below this level will indicate that the medium uptrend has completed, and the following downward movement will take price back to 1.1150 level.

For long term analysis, USDCHF has formed a cycle bottom 1.0366 level on weekly chart. Consolidation in a range between 1.0366 and 1.2296 is expected in a couple of months.

usdchf daily chart