USD/CHF Pressing Major Channel Resistance

By DailyFx | Updated August 07, 2014 AAA

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USD/CHF Pressing Major Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“If a major low is in place in the rate then a low probably forms between .8800 and .8860.” A low formed at .8955 on 7/1 and USDCHF put in a strong July. The rally from that low may be completing an impulse today (8/5), which raises the risk of consolidation between the current level and .9040 (former high).

--Tradingideas are availabletoJ.S. Trade Desk members.

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