USD/CHF: franc wants more

USD/CHF: franc wants more

Recommendation:

SELL 0.9805

SL 0.986

TP1 0.9730 TP2 0.9630 TP3 0.9530

On the daily chart of USD/CHF, a break of the lower levels of a triangle and the uptrend channel allowed bulls to seize the initiative and form a “Spike and ledge”. Sellers aim to return the pair to the downtrend channel.

USDCHF daily.png 

On H1, USD/CHF keeps forming a “Crab” with the target at 161.8%. As the pair is near the convergence area, the possibility of a pullback is high. As a result, it’s recommended to use pullbacks from the resistance levels for selling the pair.

USDCHF h1.png

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