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USD/CHF at Short Term Downtrend Resistance

USD/CHF at Short Term Downtrend Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-Is USDCHF leading? Lower highs and lower lows since February along with a bearish daily RSI profile indicate potential for something bigger on the downside. USDCHF is at near term resistance now so if the near term trend is down, USDCHF should turn down. A break through the top of the range would open up .9704/24 (2 equal legs from the May low and 61.8% retracement of decline from March high).

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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