USD/CHF: bears are confused by a triangle

USD/CHF: bears are confused by a triangle

2019-11-11 • Updated

Recommendation:

SELL 0.9775 SL 0.983 TP1 0.9675 TP2 0.964

BUY 0.9925 SL 0.987 TP1 1.0025 TP2 1.0145

On the daily chart, USD/CHF bears managed to lower the pair below important support at 0.9880-0.9890. They are focused on testing the lower border of an uptrend channel. The presence of a triangle means that to continue the way down the pair has to go below support at 0.9775.

CHF1.png  

On H1, to resume the rally bulls have to form a double bottom and then return the pair inside the uptrend channel.

CHF2.png

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