USD/CHF Forecast: franc is losing its ground

forex-news-usd_dollarOn the USD/CHF daily chart, a breakout of the upper boundary of the downward trading channel demonstrates the willingness of the bulls to gain the lead.

A necessary condition for the restoration of the long-term uptrend is the ability of buyers to keep the quotes above the 1.004 level (38.2% level of the XC-wave in the “Shark” pattern).

On the USD/CHF hourly chart, target 1.004 on the previously formed longs has been fulfilled (BUY 0,9945 SL 0,989 TP 1,004). For the continuation of the rally, the “bulls” will need to test the resistances at 1.105 and 1.016.

Recommendation: BUY 0,998  SL 0,9925 TP1 1,016, TP2 1,024.

Origin: FX BAZOOKA

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