USDCHF Daily Analysis – May 8, 2014

USDCHF remains in downtrend from 0.8861, the rise from 0.8720 is likely consolidation of the downtrend. Resistance is at 0.8780, as long as this level holds, the downtrend could be expected to resume, and next target would be at 0.8600 area. Only break above 0.8780 resistance could signal completion of the downtrend.

usdchf chart