The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
USD/CHF: bulls showed weakness
2019-11-11 • Updated
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.
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