USD/CHF can go down

USD/CHF can go down

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.

USDCHF daily.png 

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.

USDCHF h1.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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