USD/CHF: the Frank is changing the direction

USD/CHF: the Frank is changing the direction

2019-11-11 • Updated

Recommendation:

SELL 0.9955

SL 1.011

TP1 0.9855 TP2 0.983 TP3 0.976

On the daily chart of USD/CHF, the 113% target of the “Shark” pattern was reached. If the pair reaches the convergence of 1.0130-1.0210 (targets of “Shark”, “Wolfe Waves” and AB=CD patterns), the risks of the return towards 23.8%, 38.2% and 50% from the last upward wave (CD) will increase.

usdchf_d.png

On H1, the buyers’ inability to move the price up increases risks of reversal “Broadening Wedge” pattern’s formation. To achieve this goal, sellers need to pull the price back to the support at 0.9955 and break it.

usdchf_60.png

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