USDCHF Trendline Support at 9050 on Thursday
Prepared by Jamie Saettele, CMT
A test of 9400 is favored as long as price is above the April low of 9001. The test of 9090 last week is probably a trap. When viewed in a longer term context, recent sloppy price action likely serves as nothing more than the final phase of consolidation before a major bull move. On Thursday, price reversed just shy of trendline support. 9120 and 9170 are resistance.
Bottom Line (next 5 days) – bottoming/bottomed?