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Chart of the day - USD/CHF

The USDCHF stalled ahead of the .8800 level breakdown point and at the 38% retracement at .8781. While below the .8800 level the risk if for a move back towards the .8551 trend low. This is considered a continuation of the downtrend and descending channel. The fitch downgrade of US debt should assist in the fall, and for the Swiss Franc to gain as a safe haven currency. 

Author

Blake Morrow

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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