Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
USD/CHF: bulls called Wolfe for help
2019-11-11 • Updated
TP1 0.971 TP2 0.974
On the daily chart, USD/CHF formed a double bottom. The bar with the long lower wick strengthens the odds of the “Dragon” pattern. However, at the beginning bulls need to conquer resistance at 0.9650 (23.6% of the last long-term descending wave) and at 0.9765.
On H1, USD/CHF reached the targets of the “Widening wedge” pattern. The pair’s currently forming “Wolfe waves” pattern. A break of resistance at 0.9585 will be a signal for opening long positions.
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
CHF/JPY retraced 61.8% of its August-September decline, corrected down, formed a higher low above the 100-day MA and now seems eager to rise to the 78.6% Fibonacci level at 116.90.
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