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 riding the waves
2019-11-11 • Updated
Recommendation:
BUY 0.9720, SL 0.9665, TP1 0.9860, TP2 0.9890
On the daily chart, USD/CHF has reached the targets of “Wolfe waves” pattern. Thanks to it, the pair left the medium-term bearish channel. If the pair rises to July high, there may be a correction towards the upper border of the descending trend.
On H1, USD/CHF formed a “Dragon” pattern. At the moment, it’s forming the “Head of a dragon” or consolidating in the 0.9660-0.9720 area. The break of the upper border will increase the risks of a rally.
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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.
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