Short Term Analysis - August 29, 2007

USDCHF is in correction to the up trend. The fall from 1.2214 extended to as low as 1.1959, and the correction might be completed at this level. Up trend will resume after correction, and a break above 1.2110 level will signal the resumption of the up trend. For long term analysis, USDCHF is in correction to the long term down trend. Further rise towards 1.2468 previous high can be seen in the next several weeks. Down trend will resume after correction and fall towards 1.1500 area is still possible.