Forex Analysis

Daily Forex Analysis – January 22, 2010

USDCHF Analysis.

• Being contained by 1.0507 previous high resistance, USDCHF pulled back from 1.0495, suggesting that a short term cycle top is being formed on 4-hour chart. Sideways movement above the rising trend line is expected in a couple of days. The fall from 1.0495 is more likely consolidation of uptrend from 1.0132, as long as the trend line support holds, we’d expect uptrend to resume and one more rise towards 1.0600 is possible after consolidation.