USD/CHF Unchanged for August after Trendline Bounce
Chart Prepared by Jamie Saettele, CMT
-“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.
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