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USD/CHF Gap Fill and Bounce; .9800s Still Well-Defined Resistance

USD/CHF Gap Fill and Bounce; .9800s Still Well-Defined Resistance

2016-07-07 20:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Gap Fill and Bounce; .9800s Still Well-Defined Resistance

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 May highs. Strength through the January-June trendline would negate bearish consideration.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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