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USD/CHF Breakout Reverses Near Year Open Price

USD/CHF Breakout Reverses Near Year Open Price

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Breakout Reverses Near Year Open Price

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Since May, USD/CHF has bounced between a 5 year trendline and parallel that relates to the November 2015-January 2016 trendline. A break of one of these barriers will indicate that the range underway since May is complete and that the next directional move is underway.” USD/CHF broke through .9955 (trendine and May high) but failed a few ticks shy of the year open price and ended the day little changed. The long wick warns of a ‘false break’.

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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