USD/CHF: bulls need to arm themselves with patience

USD/CHF: bulls need to arm themselves with patience

Recommendation: BUY 1,0085 SL 1,003 TP 1,02.

On the USD/CHF daily chart, the bulls failed to consolidate above the upper border of the downward trading channel. This tells us about their weakness. To restore the long-term uptrend, the upper border of the triangle near the 1.0085. mark should be broken. Then, the bulls will be able to hit a target in the "Wolf Wave" pattern.

On the USD/CHF hourly chart, there can be a rebound from current levels (61.8% of the last downward wave + historical support). But for this to happen the bulls should arm themselves with patience. 



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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