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USD/CHF: bears are heading to the south
2019-11-11 • Updated
On the USD/CHFdaily chart, there is an implementation of 5-0, "Shark" and AB = CD patterns. Their 88.6% and 161.8% targets allow us to identify the convergence zone (0.9615-0.9665). In this area, the probability of a trend reversal is high. To remain control over the "bears", it is necessary to keep quotes below the 0.9855 level.
On the USD/CHF hourly chart, the expanding wedge reversal pattern has been realized. After the breakouts of the supports at 0.9927 and 0.9896, the market is under the bears' control now. In such circumstances, the best strategy would be selling on the rise of quotes towards resistances at 0.995 and 0.999.
Recommendation: SELL 0,995 SL 1,0005 TP1 0,982 TP2 0,9665.
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