USDCHF traded in range between 1.0842 and 1.1084 for several days. As long as 1.0842 support holds, we’d expect up trend to resume, and further rise is possible to 1.1200 level. However, a break below 1.0842 key support will indicate that the rise from 1.0010 has completed, and then pullback could be seen to 1.0600 zone.
For long term analysis, USDCHF broke above 1.0623 (May 8 high) long term resistance, suggesting that the long term down trend from 1.3288 (2005 high) has completed. The rise from 0.9634 (Mar 17 low) is now treated as resumption of long term up trend. Further rise towards 1.1600 is now in favor.
