USDCHF Daily Analysis – December 17, 2013

USDCHF’s downward movement from 0.9249 extended to as low as 0.8839, the subsequent bounce suggest that consolidation of the downtrend is underway. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.8500 is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 0.9249 had completed at 0.8839 already, then the following upward movement could bring price to 0.9200 zone.

usdchf daily chart