USD/CHF – Was that the Low of a Wedge?
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “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.” This week’s low is about as far as USD/CHF can go if price action from the November high is a wedge. Failure to hold here would risk weakness to the May 2015 low near .9070. Exceeding wedge resistance (currently mid-.9800s) would bolster bullish prospects.