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USD/CHF Testing Trendline Resistance

USD/CHF Testing Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Testing Trendline Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-The USD/CHF drop into the March low fell short of the 6 year trendline, which is frustrating because that would have been the ideal level for support. It’s almost as if the market decided to ‘front run’ the trendline. Currently, Swissie is testing the 2017 trendline (line off of January and March highs) so this is a last chance of sorts for a turn lower. A break above the March high would leave the decline from January in 3 waves, which carries bullish implications.

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

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