USD/CHF: franc has drawn a triangle

USD/CHF: franc has drawn a triangle

2019-11-11 • Updated

Recommendation:

BUY 0.9745 SL 0.969

TP 0.9845, SELL 0.965

SL 0.9705 TP 0.9585

On the daily chart, USD/CHF keeps forming the “Dragon” pattern. Renewal of September high will allow to expect process growth towards the curl of the Dragon’s tail and the upper border of the descending trend channel.

CHF1.png  

On H1, USD/CHF formed a triangle. A successful test of its upper border and resistance at 0.9745 will increase the odds of the rally’s continuation. On the other hand, a break below the triangle’s lower border, the uptrend channel, and support at 0.9650 will trigger a correction.

CHF2.png

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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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