USD/CHF: franc showed weakness

USD/CHF: franc showed weakness

Recommendation:

BUY 0.9975

SL 0.9920

TP1 1.0075 TP2 1.0175

On the daily chart, attempts of bears to bring USD/CHF outside the triangle and the uptrend channel failed. This points at their weakness and allows bulls to count on getting to targets of “Wolfe waves”.

USDCHF daily.png 

On H1, bears are still hoping for the realization of “Broadening wedge” pattern. To do that, they will have to make the pair fall below 0.9895. A break of resistance at 0.9975 in line with the “Spike and ledge” pattern seems more likely.

USDCHF h1.png

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