USDCHF's uptrend from 0.9959 extends to 1.0507

Franco Shao from ForexCycle.com at 12/18/09

 

USDCHF’s uptrend from 0.9959 extends to as high as 1.0507. As long as the channel support holds, uptrend could be expected to continue and further rally is still possible to 1.0550 area. However, next short term cycle top is nearing and 1.0507 could possibly be another cycle top on 4-hour chart. Key support is at 1.0345, a break below this level will confirm the cycle top and indicate that the rise from 0.9959 has completed, then range trading between 1.0250 and 1.0507 could be seen to follow.