USD/CHF Erases 2014 on SNB
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“USDCHF exceeded its .9750 objective and has continued into a line that extends off of the 2008 and 2010 highs. The line that extends off of the 2005 and 2008 highs is at about 1.0300. Bottom line; here to 1.0300 is resistance for a pullback.”
-The Black Swan event resulted in USDCHF trading from one trendline to the top side of another. .8279 sticks out as a reaction level. This is the 61.8% retracement of the 2011-2015 rally and the 127.2% retracement of the 2014-2015 rally. Retracements of today’s move would be of interest as resistance at .8756 (23.6%) and .9040 (38.2%). The latter level is in line with the 2013 low at .9021.
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