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USD/CHF doesn’t want to part with wedge
2019-11-11 • Updated
Recommendations:
SELL 0.9605
SL 0.966
TP1 0.9505 TP2 09475
BUY 0.975
SL 0.9695
TP 0.989
On the daily chart, USD/CHF keeps consolidation near an important level of 0.9650 (23.6% of the last long-term descending wave). If bears manage to lead the pair down below the diagonal support (lower border of the uptrend channel), the odds of reaching 88.6% target of Gartley pattern will increase.
On H1, USD/CHF is consolidating within a “Widening wedge”. A break of support levels at 0.9605 and 0.9585 won’t lead the pair south. On the other hand, successful test of resistance at 0.9750 and 0.9765 will open the way for further advance.
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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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