USD/CHF Daily Chart 8/20/2012 2:15PM EDT
The USD/CHF is much like an upside down mirror image of the EUR/USD because the SNB continues to keep Swiss Franc pegged to the Euro, as you would be able to see on a EUR/CHF daily chart. Therefore the USD/CHF’s recent non-directional trading is much like that of EUR/USD, stuck in the August range, the support-resistance of which are more important then the converging trendlines seen in the daily chart.
For the USD/CHF, a break above the declining trendline seen in the daily chart simply opens up the 0.9810, above which, the 0.99 handle is the August range-resistance. The bullish outlook revives with a break above 0.99, opening up 2012 high of 0.9971 and parity (1.00), before further bullish outlook.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes â€“ provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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