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After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.
USD/CHF can go down
2019-11-11 • Updated
Recommendation:
SELL 0.9580
SL 0.9635
TP1 0.9480 TP2 0.9375 TP3 0.9285
On the daily chart, bulls formed a pinbar and counterattacked. USD/CHF reached 0.9630 (50% of the medium-term rising wave), although the diagonal resistance in form of the upper border of the downtrend channel is a more serious obstacle.
On H1, USD/CHF is forming the final stage of the “Broadening wedge” pattern. The inability of bulls to push the pair above resistance at 78.6% and 88.6% of the wave 4-5 will point at their weakness.
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