USD/CHF: franc saw a “bat”

USD/CHF: franc saw a “bat”

2019-11-11 • Updated

Recommendation:

BUY 0.9665 SL 0.961 TP1 0.973 TP2 0.9775 TP3 0.98

BUY 0.949 SL 0.9435 TP1 0.9555 TP2 0.964 TP3 0.973

On the daily chart, USD/CHF keeps forming the “Bat” pattern with a target of 88.6%. For now, bulls and bears are fighting for 78.6% of the wave XA. If bears manage to conquer it, the decline will continue. On the other hand, rebound from the current support will increase the possibility of a pullback.

CHF1.png  

On H1, USD/CHF there may be a formation of a “Widening wedge”. To do that bulls will need to return the pair to resistance at 0.9665.

CHF2.png

Similar

How about CHF/JPY?
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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