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USD/CHF 5 Year Trendline is the Floor Again!

USD/CHF 5 Year Trendline is the Floor Again!

2016-11-10 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CHF 5 Year Trendline is the Floor Again!

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “gocus remains towards the 5 year trendline near .9625. Another test of that trendline will be the 3rd since May so be cognizant of a broader breakdown, especially with a downward sloping (slightly) 200 day average.” The election reaction resulted in a test of the trendline and sharp reversal. After all that, Swissie is unchanged on the month (opened November at .9883). What we’re left with is a rectangle consolidation since April. A close above .9944 would trigger a bullish breakout.

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