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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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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