Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
USD/CHF: franc is hunting sharks
2019-11-11 • Updated
Recommendation:
SELL 0.9325 SL 0.938 TP1 0.9255 TP2 0.9220
BUY 0.9475 SL 0.9420 TP1 0.9610 TP2 0.9715 TP3 0.9780
On the daily chart of USD/CHF, bulls need to rise above resistance at 0.9475 and trigger the “Shark” pattern. This is a signal of their weakness. Currently, bulls and bears are fighting for 0.9380. The further face of franc depends on the result of this battle.
On H1, the decline of USD/CHF below support at 0.9340 and 0.9325 allows triggering the “Shark” pattern and AB=CD. Their 88.6% and 200% targets correspond to 0.9255 and 0.9220.
Similar
The big stategic picture remains bullish for euro against all currencies
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
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.
Latest news
Last chance for bulls to exit the market. FBS explains the next two years for crypto
Crash of LUNA ecosystem and halving cycles. Glimpse into the future of the crypto market with FBS experts!
What To Trade On May 23 - 27?
Last week blew traders' minds! The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…
Can a recession be avoided?
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
