USD/ZAR met resistance
USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.
USD/CHF: franc painted a triangle
Recommendation:
SELL 0.9930
SL 0.9985
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.
Ivan Karamazov
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