USD/CHF Follows through on Key Reversal
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.” 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.
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.