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USD/CHF Slammed after Testing March 2015 High

USD/CHF Slammed after Testing March 2015 High

2016-01-07 21:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Slammed after Testing March 2015 High

Chart Prepared by Jamie Saettele, CMT

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

-USD/CHF turned up sharply to begin the year but the rally failed spectacularly at the March 2015 high (61.8% retracement of the decline from the November high is also at the same level). The decline today (1/7) was fueled by the global equity massacre and associated scramble to cover short funding currency positions and hedges. Failure to hold the trendline off of the August and October lows would delay anything bullish in USD/CHF until at least .9582 (2 equal legs down from November).

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