Chart Prepared by Jamie Saettele, CMT
-I wrote last USD/CHF update that “I’d watch for support now between .9996 and 1.0019. 1.0122 (1/19 high) is possible resistance.” The top on Wednesday was 1.0118 but USD/CHF has dropped beneath both suspected supports. Swissie is trading between a ‘rock and a hard place’. The rock is support from the 200 day average and September 2016 high. The hard place is the 55 day average and 1/19 high. With barriers on either side, we may see continued range contraction.