USD/CHF: bears saw a dragon

USD/CHF: bears saw a dragon

2019-11-11 • Updated

Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895. 

On the USD/CHF daily chart, quotes reached the lower border of the downward trading channel and rebounded from support located at 0.9715 (78.6% of the last upward wave). These factors increase the risks of correction towards the medium-term downtrend (towards 0.985).

On the USD/CHF hourly chart, there is a formation of the Dragon reversal pattern. A break of the resistance at 0.9765 can lead to the continuation of the rally and the formation of the  Dragon's head. The Bat pattern that lies in the basis of the current reversal helps us to identify the current the interim target at 0.9815.

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