USD/CHF Forecast: franc got onto the ledge

chf_forexRecommendation:

SELL 0.9310 SL 0.9365 TP1 0.9210 TP2 0.9110 TP3 0.9030

BUY 0.9395 SL 0.9340 TP 0.9465 TP2 0.9500 TP3 0.9600

On the daily chart, USD/CHF formed a short-term consolidation. A decline below January low will allow the pair to continue the decline towards 161.8% target of the “Crab” pattern. The nearest resistance levels are near 0.9410 and 0.9485.

CHF1.png

On H1, there’s a “Spike and ledge” pattern. A break of the lower border of the 0.9310-0.9395 consolidation range will open the way down for bears. On the other hand, successful test of resistance at 0.9395 will increase the odds of a pullback.

CHF2.png

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