NZD/USD turned down
Last week NZD/USD made a significant thrust to the downside.
USD/CHF: bulls showed weakness
Recommendation
BUY 0.9770
SL 0.9715
TP 0.9925
On the daily chart, bulls didn’t manage to push USD/CHF above resistance at 0.9770 and this is the sign of their weakness. A successful test of the diagonal support in the form of the lower border of the uptrend channel will lead to the resumption of the bearish trend. On the contrary, the bounce up from this level will create a base for consolidation in the 0.9675-0.9775 area.
On H1, bulls still retain hopes for the “Crab” pattern. To reach 161.8% target the pair has to overcome resistance at 0.9770 and 0.9805.
Ivan Karamazov
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