USD/CHF: bears showed weakness

USD/CHF: bears showed weakness

Recommendation:

BUY 0.9985

SL 0.9940

TP1 1.0085 TP2 1.0155 TP3 1.0185

On the daily chart, USD/CHF is pulling back to the medium-term uptrend. Bears failed to form “Spike and ledge” and bulls returned the initiative. Buyers are counting on a break of resistance at 0.9985 and continuation towards 113% target of the “Shark”.  

CHF1.png 

On H1, USD/CHF is forming a “Broadening wedge”. To finish the graphical configuration, it needs to overcome resistance at 0.9985. As a result, a point 5 will form.

CHF2.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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