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USD/CHF Springs a Bull Trap

USD/CHF Springs a Bull Trap

2016-07-14 19:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF Springs a Bull Trap

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Given this long term chart, USD/CHF is in trouble on a break below .9440. The last update noted that “the 200 day average has failed to hold as resistance and USD/CHF has pushed through the January-June trendline. In other words, short is against the grain for now and the next upside level of interest is the November-February line near parity.” Swissie has quickly erased it’s breakout and sprung a bull trap, which is bearish. Focus is again lower.

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

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