Saturday, September 09, 2017

USD/CHF Broke Out Below The Support Trend Line Of The Pennant

Despite the Swiss Bank's interference in an attempt to stop the CHF from rising any further it seems that this process cannot be stopped for the moment (apart from the bank taking a new, drastic measure).

The pair already broke out below the pennant that I wrote about in the second half of July 2017>>> . If the pair reaches the limit of the pennant it should fall to around 0.6500. Of course, we should keep in mind that this a long term analysis. After all, the pennant itself developed over the course of six years.

We should also keep in mind that the Swiss Bank’s interferences on the market tend to be sudden and with big consequences for traders and investors.

Still, if this prognosis becomes a reality, that would be a historical high for the Swiss currency.