USD/CHF Dips Near Year Open and Resumes Higher
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “the breakout from the multi-month triangle remains valid but the comments in the EUR/USD section regarding non-confirmation warn of at least a minor turn lower in the USD. Monitor the year open (near parity) for support. As a reminder, the objective from the breakout is 1.0350.” Low today was 12 ticks above the year open (year open is 1.0007). The sharp turnaround sets the stage for the next leg higher.
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