USD/CHF: bulls are in defense

USD/CHF: bulls are in defense

Recommendations:

BUY 0.9945

SL 0.989

TP1 1.0005 TP2 1.0045 TP3 1.0145

On the daily chart, USD/CHF came to the lowest border of the uptrend trade channel and important support in the 0.9882-0.9891 area. If bulls manage to push the pair above these levels, risks of the uptrend’s resumption towards 161.8% of AB=CD will increase.

CHF1.png 

On H1, USD/CHF is retesting the neckline of “Head and Shoulders”. The pullback with the following successful test of resistance at 0.9940-0.9945 will trigger a “Crab” pattern with the target at 161.8%.

CHF2.png

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