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5/18/2017: Swissie Trendline – Watch the Weekly Close

USDCHF Weekly (linear)

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This chart doesn’t require any explanation but I’ll add words since I’m told that there is no SEO value for a post without words.  Here it goes.  A major trendline is being tested in Swissie.  This is the 5th test of the trendline and 7th touch (first 2 touches make the line).  The line has been broken on log scale but is better defined on linear (this chart).  The prior test was the night of the US Presidential election in November (circled).  Until now, the few hours after the election were the only time that price had traded below the trendline (not counting SNB and the EURCHF issue in January 2015).  Pay attention to the weekly close.  If price closes above the trendline (about .9830 this week) then an immediate dollar dumping (against Swiss and probably Europe generally) is avoided.  The shape and character of strength will shed light on the importance of the low.  A close below would keep the pressure on until at least the 52 week closing low of .9595.

-JS

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