Short Term Analysis - October 17, 2007

USDCHF is topping at 1.1891 on daily chart. Pullback towards 1.1622 previous low is expected, and a break below this level will signal the resumption of the down trend. Near term resistance is at 1.1891, if gives way, rise towards 1.1950 can be seen. For long term analysis, USDCHF is in long term bearish movement, fall towards 1.1287 (2004 low) to reach the next cycle bottom on weekly chart is expected.