USDCHF’s upward movement from 0.9021 extends to as high as 0.9760. Further rise to test 0.9971 resistance is possible next week. As long as 0.9971 resistance holds, the rise from 0.9021 could be treated as correction of the downtrend from 0.9971, another fall towards 0.8500 is still possible after correction. On the upside, a break above 0.9971 will indicate that the long term uptrend 0.7067 (Aug 9, 2011 low) has resumed, then further rise towards 1.1000 could be seen.
For long term analysis, USDCHF is in downtrend from 0.9971 (Jul 24, 2012 high). Further decline to 0.8500 area could be expected over the next several weeks.
