USDCHF Analysis – Feb 6, 2009

USDCHF breaks above 1.1714 resistance, suggesting that the medium term uptrend from 1.0366 has resumed. Further rise is now in favor and the next target would be at 1.2000 zone. Key support is at 1.1313, only fall below this level will indicate that the medium term 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