USD/CHF Turns off of Old Support Line Again
Chart Prepared by Jamie Saettele, CMT
-Recent commentary noted that USD/CHF had traded into “the 200 day average and where the decline from the November high consists of 2 equal legs at .9714. A low could try and form between here and a trendline confluence near .9600.” The rate turned up and has now tested former trendline support as resistance twice in the last several weeks, the most recent test being on 2/29. Old support providing resistance is bearish.