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USD/CHF Erases 2014 on SNB

USD/CHF Erases 2014 on SNB

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.

--Tradingideas are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.