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Long Term Forex Analysis
USDCHF rebounded from 1.0111
Sat, Jul 5 2008, 03:20 GMT
by Franco Shao
Being contained by the support of the price channel, USDCHF rebounded from 1.0111. The pair might be forming a cycle bottom on daily chart. Further rise to test 1.0539 previous high resistance is still possible in next several days, a break of this level will confirm the cycle bottom and signal resumption of long term up trend.
For long term analysis, USDCHF formed a long term cycle top at 1.0623 on weekly chart. Consolidation in a range between 0.9634 and 1.0623 is expected. Up trend will resume before breaking below 0.9634 level.
Published on Sat, Jul 5 2008, 03:22 GMT
Archive
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Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
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