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USD/CHF Still Holding Below Tuesday’s Spike High

USD/CHF Still Holding Below Tuesday’s Spike High

2016-10-27 20:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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

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