USD/CHF: franc was caught by the dragon

USD/CHF: franc was caught by the dragon

2019-11-11 • Updated

Recommendation:

BUY 0.9725 

SL 0.9670 

TP1 0.9915, TP2 1.0000.

On the daily chart, bulls managed to return the pair inside the previous descending channel. As a result, the risks of correction to the current bearish trend increased. Buyers firstly have to conquer resistance at 0.9716 and then trigger the “Shark” pattern. Upside targets are at 0.9917 and 1.0050.

usdchf.png

On H1 USD/CHF is finishing the “Dragon” pattern. In the case of the resistance’s break at the level of the “Dragon’s head", bulls will have good chances for the continuation of the rally.  

chf.png

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