Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
USD/CHF: franc spent a lot of time on the shelf
2019-11-11 • Updated
TP1 1.003 TP2 1.0145
On H1, bears prepare to pull USD/CHF below the diagonal support in the form of the uptrend’s lower border. To break the medium-term bullish trend the pair has to get beyond the triangle and then trigger the “Bat” pattern. On the other hand, a pullback from support will create grounds for a recovery to 200% target of AB=CD.
On H1, USD/CHF is consolidating within “Spike and ledge” and 5-0. A break of resistance at 0.9930 will increase the probability of the rally’s continuation.
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
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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