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USD/CHF Drifting Lower after .9786 Failure

USD/CHF Drifting Lower after .9786 Failure

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CHF Drifting Lower after .9786 Failure

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-As noted in the last update “a push through .9690 would be viewed in a bullish light. Until then, pressure is lower.” The push through .9690 materialized but USDCHF failed at .9786 9well-defined horizontal level). The near term picture is unclear although weakness from the November 2015 high is still a possible wedge. A break through wedge resistance (currently below .99) could launch a major advance.

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.