Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen.
USD/CHF: franc painted a triangle
TP1 0.9875 TP2 0.9865 TP3 0.9735
On the daily chart, USD/CHF is forming a “Triangle”. A break of its upper border near 1.0070 will open the way to the target of “Wolfe waves” pattern for buyers. On the other hand, if the pair leaves the uptrend channel, a “Double top” may form.
On H1, if USD/CHF successfully pushes below support at 0.9930, the risks of getting to 88.6% and 261.8% targets of “Shark” and AB=CD will increase. They form a convergence area of 0.9875-0.9880.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak golden cross of Tenkan-sen and Kijun-sen.
On the daily chart of USD/CHF, there was a rebound to the 23.6% level from the CD wave of the junior “Shark” pattern within its transformation to the 5-0 pattern.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...