USD/CHF: bulls showed weakness

USD/CHF: bulls showed weakness

2019-11-11 • Updated

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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.  

CHF1.png

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.

CHF2.png

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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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