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USD/CHF Unchanged for August after Trendline Bounce

USD/CHF Unchanged for August after Trendline Bounce

Jamie Saettele, CMT, Sr. Technical Strategist


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 daily update noted that “the key reversal on 7/27 and subsequent follow through suggests that USD/CHF is vulnerable.” I wrote last wek to “pay attention to .9540/50 (now!). Weakness below here would signal the break of a 5 year trendline.” The 5 year trendline held which at least delays the immediate breakdown scenario and Swissie is testing.9688 (month open), which could provide resistance for another move 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.