USD/CHF Follows through on Key Reversal
Chart Prepared by Jamie Saettele, CMT
-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.” The key reversal on 7/27 and subsequent follow through alters the near term picture and suggests that USD/CHF is vulnerable. Weakness below .9800 (daily close) would be viewed in a bearish light.
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