USD/CHF: franc wants out of the range

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.

CHF1.png 

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.

CHF2.png

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