USD/CHF Gap Fill and Bounce; .9800s Still Well-Defined 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 May highs. Strength through the January-June trendline would negate bearish consideration.