USD/CHF: bulls want revenge

USD/CHF: bulls want revenge

2019-11-11 • Updated

Recommendation:

BUY 0.964

SL 0.9585

TP1 0.9765 TP2 0.986

On the daily chart, a double bottom allows the bulls to retain hopes of finishing a “Dragon” pattern. To do it they have to return the quotes to resistance levels at 0.9650 and 0.9765 and conquer them.

CHF1.png  

On H1, a successful test of resistance at 0.9640 (upper border of the downtrend channel) will increase the risks of an inverted butterfly pattern. Its 127.2% target corresponds to 0.9860.

CHF2.png

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How about CHF/JPY?
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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