USD/CHF: franc got into dragon’s lair

USD/CHF: franc got into dragon’s lair

2019-11-11 • Updated

Recommendation:

BUY 0.9615 SL 0.956

TP1 0.9695 TP2 0.978 TP3 0.986

On the daily chart, USD/CHF formed a powerful reversal pattern “Triple bottom”. As a result, risks of a “Dragon” pattern increased, although bulls firstly need to get above resistance at 0.9615 and 0.9650.

CHF1.png  

On H1, USD/CHF keeps forming the “Dragon” pattern. Bullish movement will face at least one pullback (“Head of the Dragon”), although the pair may have already chosen its direction. As a result, buying on breakthroughs is the main strategy.

CHF2.png

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