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USD/CHF Sinking Lower in another Triangle Leg

USD/CHF Sinking Lower in another Triangle Leg

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-“USDCHF cleared the 61.8% retracement and 4/23 high so focus is on the April high at .9862. The 78.6% retracement of the decline from the March high is also of interest at .9900.”

-The break below uptrend support on 8/19 was an important behavior change and USDCHF declined accordingly before reversing sharply higher. Contracting trade since March may compose a triangle.

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.

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