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USD/CHF Springs a Bull Trap

USD/CHF Springs a Bull Trap

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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

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

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