USD/CHF: the franc dreams about the “wedge”

USD/CHF: the franc dreams about the “wedge”

Recommendation:

SELL 0.9855

SL 0.991

TP1 0.9755 TP2 0.9725 TP3 0.9625

On the daily chart of USD/CHF, bulls failed to pull the pair out of the upper boundary of the 0.9855-0.9995 consolidation.  It signals the weakness of bulls. The “Shakeout-Fakeout” pattern was formed.  If it is implemented, bears will take an initiative.

usdchf_d.png

On H1, there are odds of the implementation of the “Broadening wedge” pattern. To implement the pattern, bears need to break the support at 0.9855. As a result, risks of the downward movement to the 161.8% target of the “Crab” pattern will increase.

usdchf_60.png

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