USDCHF stays below a downtrend line

22 August 2010 @ 08:39 pm EDT

USDCHF stays below a downtrend line from 1.0624 to 1.0464 and remains in downtrend. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.0200 area. On the other side, a clear break above the trend line resistance (now at 1.0415) will indicate that a cycle bottom has been formed at 1.0257 already and the fall from 1.0624 has completed, then further rally could be seen to 1.0500-1.0600 area.

usdchf

For more forex information, go to www.forexcycle.com

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