USD/CHF: franc is dreaming about a wedge

USD/CHF: franc is dreaming about a wedge

2019-11-11 • Updated


BUY 0.9805

SL 0.975

TP1 0.9875 TP2 0.9985

On the daily chart, USD/CHF keeps forming the reversal “Dragon” pattern. The main task of the bulls is to bring the quotes outside of the downtrend channel with the following test of resistance at 0.9830.


On H1, there's a “Spike and ledge” pattern. A successful test of the upper border of the 0.9715-0.9805 consolidation range (“ledge”) will increase the odds of the downtrend’s resumption. On the other hand, a break of support at 0.9715 will trigger the reversal “Widening wedge” pattern.



How about CHF/JPY?
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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