USD/CHF Outside Day at Median Line
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
-“USDCHF has reversed from 9 year trendline resistance. Focus is on the median line (about .9300) that extends off of the 2012 high. This line crosses through highs in 2013 and the October 2014 low. The 52 week MA is near this line as well.”
-USDCHF has traded into the mentioned median line. This line is a useful reference point for direction. In fact, previous action on this line is similar to today’s trade (strong moves into and around the line). If past is prologue, we could see a reversal higher in the next few days.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.