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USD/CHF Plunges into Trendline Support

USD/CHF Plunges into Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Plunges into Trendline Support

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent notes warned that “1.0212/40 (78.6% retrace and Jan 2015 high) is the next area that could derail the rally…a double inside day indicates a tight short term consolidation that could lead to the next directional move.” The rally in USD/CHF derailed alright…and the exchange rate has been driven right into the line that extends off of the August and October 2015 lows. A break here would put focus squarely on the Dec lows.

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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