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USD/CHF Turns Back from Short Term Slope Line

USD/CHF Turns Back from Short Term Slope Line

2015-05-21 18:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Turns Back from Short Term Slope 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 is trading ‘around’ the long watched median line.” A short term double bottom has completed and yields a target of .9637. The advance has stalled at a slope line, which casts doubt on the double bottom.

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