USDCHF Daily Analysis – May 2, 2014

USDCHF is forming a sideways consolidation in a range between 0.8743 and 0.8861. The sideways movement could be expected to continue over the next several days. Key support is at 0.8743, a breakdown below this level will signal resumption of the downtrend from 0.8952, then the following downward movement could bring price to 0.8300 area. On the upside, as long as 0.8743 support holds, one more rise to 0.8900 area is still possible.

usdchf chart