USD/CHF Drops Below Long Term Former Resistance Line
Chart Prepared by Jamie Saettele, CMT
-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.
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