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USD/CHF Dumps into Short Term Trendline

USD/CHF Dumps into Short Term Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last remarks were that “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.” USD/CHF followed through on its long wick reversal bar on Friday (10/28) and collapsed today. .9720 (trendline) may provide support for a bounce but the impulsive downside action suggests that the path is lower for another test of the 5 year trendline. .9820 is resistance.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.