USD/CHF: franc is hunting a crab

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.

CHF1.png 

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.

CHF2.png

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