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USD/CHF Breakout Reverses Near Year Open Price

USD/CHF Breakout Reverses Near Year Open Price

2016-10-25 20:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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

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