USD/CHF Nearing Cliff Dive Territory
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDCHF is no longer ‘bouncing along the top side of the line that extends off of the Jul and Sep highs.’ Price accelerated lower on Thursday and the lows seen in Oct are at risk.
-A push above .9110 is still needed to suggest that the trend is not down. .8922 is possible support before the Oct low of .8889. Weakness below there opens up .8530/75 (measured objectives and Oct 2011 low).
Trading Strategy: Flat
LEVELS: .8847 .8889 .8922 | .8989 .9030 .9076
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.