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USD/CHF-200 Day Average and Trendline in Play for Resistance

USD/CHF-200 Day Average and Trendline in Play for Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates noted that “USD/CHF broke through the wedge so the ‘major advance’ may be underway.” The break through former wedge resistance signals a failed bullish pattern. Failed bullish patterns are viewed in a bearish context. Given this long term chart, USD/CHF is in trouble on a break below .9440. Near term, watch for resistance near the 200 day average and line off of the January and Mau highs.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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