Daily Forex Update: USD/CHF

The breakdown through horizontal support at 1.0360 (E) has triggered a momentum breakdown through the Triangle pattern alert. This Autochartist Initial Movement/Momentum (AIM) entry capitalized on weakness when the bears pushed the USD/CHF through the prior support area between 1.0361 and 1.0345. Thursday's session traded through the August 9 low at 1.0266. While this does not represent a new low for 2010, the negative sentiment in the USD/CHF proved to be strong even on a day during which the U.S. Dollar traded higher. A persistent downtrend on the daily chart of the USD/CHF has shown just how strongly the Swiss Franc has performed against the U.S. Dollar.