USD/CHF Sinking Lower in another Triangle Leg
Chart Prepared by Jamie Saettele, CMT
-“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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.