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USDCHF is forming a cycle bottom at 1.0578

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 5, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF might be forming a cycle bottom at 1.0578 level on 4-hour chart. Key resistance is at the upper border of the falling price channel, now at 1.0685, a clear break above the channel resistance could confirm the cycle bottom, then further rise could be seen to 1.0750-1.0800 area. As long as 1.0800 level holds, the bounce from 1.0578 is treated as consolidation of downtrend from 1.1730, one more fall to 1.0450 is still possible.

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