USD/CHF Non-Confirmation with Euro on the Push Higher
Chart Prepared by Jamie Saettele, CMT
-I wrote previously that “if USD/CHF is going to stretch into 1.0200 before putting in a top (2 equal legs up at 1.0221), then I’d expect a turn higher now.” Swissie has turned up so focus is on the mentioned zone. Remember, USD/CHF topped on 3/11 and 3/10 the last 2 years. Might USD/CHF be set up to fail around the same date this year? .9964 is the short term pivot. EUR/USD has failed to confirm the move higher in USD/CHF today which does warrant near term caution (non-confirmation warns of a turn).
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