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USDCHF is forming a sideways consolidation

01 Oct, 2008 @ 09:03 pm EST

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USDCHF is forming a sideways consolidation in a range between 1.0693 and 1.1416. Further rise is still possible to test 1.1416 (Sep 11 high) resistance. As long as this level holds, wed expect down trend to resume and pullback towards 1.0693 could be seen to follow. Initial support is located at 1.1144, fall below this level will signal resumption of down trend. However, above 1.1416 will signal further rally towards 1.1800 zone.

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