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USD/CHF Support Hold but 1.0120s Still an Impediment to Gains

USD/CHF Support Hold but 1.0120s Still an Impediment to Gains

2016-01-12 20:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Support Hold but 1.0120s Still an Impediment to Gains

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 on 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). Strength above 1.0120 is needed in order to suggest that the broader rally is resuming.

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