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USD/CHF Drops Below Long Term Former Resistance Line

USD/CHF Drops Below Long Term Former Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Drops Below Long Term Former Resistance Line

Chart Prepared by Jamie Saettele, CMT

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

-The last USD/CHF update noted that “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. We’re below that line now (last week’s low didn’t hold), which negates the immediate upside bias. The cross needs to regain the 12/4 high to turn constructive again.

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

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