USD/CHF doesn’t want to part with wedge

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.

CHF1.png  

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.

CHF2.png

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