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USD/CHF Meanders around Important Horizontal Levels

USD/CHF Meanders around Important Horizontal Levels

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Meanders around Important Horizontal Levels

Chart Prepared by Jamie Saettele, CMT

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

-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.” After penetrating the key level on an intraday basis on 1/21, USD/CHF has broken through on a daily closing basis. 1.0212/40 (78.6% retrace and Jan 2015 high) is the next area that could derail the rally.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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