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USD/CHF Jams into Fibonacci Retracement

USD/CHF Jams into Fibonacci Retracement

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-“The next move for USDCHF is huge. The rate has failed at the 200 day average several times in recent months so a push above would indicate an important break above resistance. At the same time, shorts playing the range towards .9215 or so are afforded tight stops.”

-“USDCHF has broken above key resistance (from long term slope and the long term MA. Focus is on .9720 (61.8% retracement of March-May decline and 4/23 high). Watch for support near .9500.” USDCHF made low just above .95 (low was .9524) and reached .9718 today (7/30). This video explains more.

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.