USD/CHF-200 Day Average and Trendline in Play for Resistance
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.