USDCHF remains in uptrend from 0.9917

Franco Shao from ForexCycle.com at 12/10/09

 

USDCHF remains in uptrend from 0.9917. As long as 1.0218 support holds, we’d expected uptrend to continue and further rally to test 1.0338 key resistance is still possible later today, a break above this level could indicate that the downtrend from 1.1021 (June 24 high) has completed at 0.9917 already. However, next short term cycle top is nearing, consolidation would more likely be seen before breaking above this level.