USD/CHF: franc went off the road

USD/CHF: franc went off the road

Recommendations:

  • SELL 0.971 SL 0.9765 TP1 0.9585 TP2 0.954
  • SELL 0.9645 SL 0.97 TP1 0.9585 TP2 0.954

On the daily chart, the inability of bulls to settle above 0.9760 points at their weakness. If bears manage to use the pin bar, the odds of decline to 88.6% and 113% targets of the “Shark” pattern will increase.

CHF1.png 

On H1, there’s a combination of reversal patterns “Three Indians” and “Widening wedge”. Aggressive selling involves opening positions on the break of the lower border of the uptrend channel. Conservative sellers can open positions on a successful break of support at 0.9645. 

CHF2.png

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Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.

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