The global tendency to weaken the American currency is seen all across the globe, and it is not different for the USD/CHF. The biggest drop started on the 6th of September, when the NFP data was published. On a daily chart, the candle from Friday caused a bearish engulfing pattern, which also resulted to a failed breakout over the 0.9390 resistance.
The failed breakout led to the further weakening of the USD/CHF, which is also continued after the last weekend, when the bearish gap was created. Technically, the price is aiming for recent lows around 0.9170, where the strong support is expected.
Today, due to the FOMC report, all technical analysis will be put aside, at least till the evening, when traders find out the details about the termination of the QEIII program. The said data is considered as an important piece of information; so, we can expect major movements that should set the trend for the next few weeks.
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Failed Breakout Results In A Further USD/CHF Weakness
Published 09/18/2013, 07:09 AM
Updated 01/31/2022, 02:45 AM
Failed Breakout Results In A Further USD/CHF Weakness
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