USD/CHF has little space in the corridor

USD/CHF has little space in the corridor

2019-11-11 • Updated

Recommendations:

BUY 0.9395 SL 0.934 TP1 0.948 TP2 0.96

SELL 0.929 SL 0.9345 TP1 0.919 TP2 0.905

On the daily chart, USD/CHF reached the interim target at 113% of the “Crab” pattern: bulls are trying to counterattack. To develop correction, they need to overcome resistance at 0.9410 and 0.9485-0.9505.

CHF1.png  

On H1, a break of the upper border of the 0.929-0.9395 consolidation range will increase the odds of its getting to 88.6% of the inverted “Shark” pattern. On the other hand, a decline below the support at 0.9290 will lead to the resumption of the downtrend.

CHF2.png

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How about CHF/JPY?
How about CHF/JPY?

CHF/JPY retraced 61.8% of its August-September decline, corrected down, formed a higher low above the 100-day MA and now seems eager to rise to the 78.6% Fibonacci level at 116.90.

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