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USD/CHF Still Holding Below Tuesday’s Spike High

USD/CHF Still Holding Below Tuesday’s Spike High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Still Holding Below Tuesday’s Spike High

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 has done little since. The long wick warns of a ‘false break’ but lack of follow through leaves a decidedly unclear near term bias.

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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