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USD/CHF Turns off of Old Support Line Again

USD/CHF Turns off of Old Support Line Again

2016-03-03 19:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

USD/CHF Turns off of Old Support Line Again

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.

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