USD/ZAR met resistance
USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.
USD/CHF: franc wants out of the range
Recommendation:
SELL 0.9855
SL 0.9910
TP1 0.9755 TP2 0.973 TP3 0.9625
On the daily chart, USD/CHF keeps consolidating in the 0.9855-0.9995 range within the previous uptrend channel. A break of its upper border will give bulls hope for reaching the target of “Wolfe waves” pattern. On the other hand, a decline below support at 0.9855 will open the way further down.
On H1, bears are still hoping to trigger the “Broadening wedge”. For that they need a successful test of support at 0.9855. The decline to 161.8% target will become more likely in this case.
Ivan Karamazov
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