NZD/JPY: watch the resistance
NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
USD/CHF: franc is hunting a crab
Recommendation: SELL 0.9895 SL 0.995 TP1 0.9825 TP2 0.9785
On the daily chart, USD/CHF keeps consolidating in the 0.9780-0.9995 range within the “Spike and ledge” pattern on the basis of 1-2-3. A break of its upper border will increase the odds of its getting to the 1.0195 target of “Wolfe waves” pattern. The formation of several inside bars points at uncertainty.
On H1, USD/CHF formed a triangle. A break of its lower border will allow bears to count on triggering on the “Crab” pattern with target at 161.8%. To continue the advance, bulls need to push the pair above resistance at 0.9990.
Ivan Karamazov
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