Swiss Franc is About To Reverse
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USD/CHF: bulls defeated an attack
2019-11-11 • Updated
Recommendation:
BUY 0.9890
SL 0.9835
TP1 0.9990 TP2 1.0145 TP3 1.0300
On the daily chart, USD/CHF bulls managed to hold an important support at 0.9775-0.9800. To resume the uptrend, buyers need a successful test of resistance at 0.9880-0.9890 and at 0.9940. In this case, the odds of the pair’s going to 200% target of AB=CD will increase.
On H1, a break of the upper border of the uptrend channel and resistance at 0.9880 (earlier it acted as support) will create grounds for a “Shark” pattern with the target at 88.6%.
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The big stategic picture remains bullish for euro against all currencies
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.
How about CHF/JPY?
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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