USDCHF formed a cycle top at 1.0794

Franco Shao from ForexCycle.com at 02/10/10

USDCHF formed a short term cycle top at 1.0794 level on 4-hour chart. As long as the channel support holds, the pair is treated as in uptrend from 1.0132 and the falling from 1.0794 is consolidation of uptrend. Bounce would more likely be seen from the bottom of the price channel later today and one more rise towards 1.0900 is still possible. However, a clear break below the channel support will suggest that the rise from 1.0132 has completed.