USD/CHF Fails again at March High and Fibonacci Level

Daily

Chart Prepared by Jamie Saettele, CMT

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-The most recent USD/CHF comment noted that “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.” Price traded above this level on an intraday basis today but closed below. The level is clearly important. To repeat; strength through the level is required in order to suggest that the move is higher.

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