USD/CHF Long Term Resistance Line Turned Support (so far)
Chart Prepared by Jamie Saettele, CMT
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-Recent USD/CHF updates noted that “pullbacks are becoming shallower. Such developments indicate a strong trend but also warn of complacency and the risk of a washout before the trend can resume.” Since the cross found support at former resistance (long term trendline…log scale), it appears that the decline was just a washout. Last week’s low needs to hold in order to maintain this interpretation.
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