USD/CHF: the CHF has reached the Rubicon

Recommendation:

SELL 0.993

SL 0.9985

TP1 0.983 TP2 0.978 TP3 0.972

On the daily chart of USD/CHF, bears and bulls fight for the important level at  0.9995 (the upper boundary of the consolidation within the “Spike and ledge” pattern). If bulls succeed, the pair will have more chances to reach the target of the “Wolfe waves” pattern. Vice versa, if bulls don’t manage to hold the pair within the upward channel, it will signal their weakness.

On H1, if the pair manages to break the support at 0.993, the “Crab” pattern will be implemented and odds of the “Broadening wedge” pattern’s implementation will increase.

Ivan Karamazov

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