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Monday, June 14, 2010

USDCHF update - a top in the Dollar is forming

USDCHF weekly chart suggests at least a mid term top in the Dollar has been reached and shows the save heaven buying of Swiss Francs within Europe as it relatively performed best. Around the strong resistance around the 1.1750 area we are building a strong resistance and turnaround pattern. We likely will test it once again before we can drop below the 1.13 level. The Euro has also performed well with holding up support at the 1.1850 level and the Dollar will have a severe correction soon but that might take another 4 weeks to develope in full scale. A retest of the 50 week MA around 1.05 is the target of such a move and will take up to 3 months to get there.

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