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USDCHF's downward movement extended to 1.0331

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 6, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF's downward movement extended further to as low as 1.0331 level. However, the pair had lost momentum, move sideways in a range between 1.0250 and 1.0550 would more likely be seen in a couple of weeks. Key resistance is at 1.0675, a break above this level will indicate that a cycle bottom has been formed on daily chart and the fall from 1.1730 is complete, then the following upward movement could bring price to 1.1200-1.1300 area.

    For long term analysis, USDCHF formed a cycle top at 1.1730 level on weekly chart. Further fall to 1.0200 to reach next cycle bottom on weekly chart is expected in a couple of weeks.

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