USD/CHF: franc spent a lot of time on the shelf

USD/CHF: franc spent a lot of time on the shelf

2019-11-11 • Updated

Recommendation:

BUY 0.9930

 SL 0.9875

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.

CHF1.png

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.

CHF2.png

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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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