USD/CHF Plunges into Trendline Support

Daily

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.

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