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USD/CHF Turns off of Old Support Line Again

USD/CHF Turns off of Old Support Line Again

Jamie Saettele, CMT, Sr. Technical Strategist


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.

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.