USD/CHF: franc painted a triangle

USD/CHF: franc painted a triangle

2019-11-11 • Updated

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.

USDCHF daily.png  

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.

USDCHF h1.png

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