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USD/CHF Breaks 8+ Month Trendline

USD/CHF Breaks 8+ Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Breaks 8+ Month Trendline

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-As noted previously, “the 200 day average break in USD/CHF negates any upside potential for now but the trendline that extends off of the May, June, and August 2015 highs is just below and could offer interim support. The next big support may not be until near .9400 (longer term trendline). The contracting nature of the decline since November indicates potential for a wedge to form.” An 8 month trendline was broken today (3/31). The underside of this trendline and recent lows are now resistance at .9661.

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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