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USD/CHF Trading Lower Within Well-Defined Bearish Structure

USD/CHF Trading Lower Within Well-Defined Bearish Structure

Jamie Saettele, CMT, Sr. Technical Strategist

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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 is trading ‘around’ the long watched median line. Given today’s (5/12) failure at an upper parallel, respect the downside as long as price is below .9357.”

For more analysis and trade setups, visit SB Trade Desk

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

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