Technical Analysis USDCHF on 25/04/2018


USD still takes power over CHF

In chart H4, the increasing slope of the bullish trendline showed that the buying force still outnumbers the selling force. The price nearly reached the Fibo extension level of 61.8%. The price might fluctuate between 0.982 and 0.985 for some time before we can decide whether the price will break out or reverse. We should take a look at chart D1 to find more trading suggestions.

D1 USDCHF 25042018

According to chart D1, the Elliott Correction Wave ended and the Elliott Impulsive Pattern has started with a strong bullish channel. As marked with the coral triangle, the Fakey pattern has formed with the consecutive bullish candlesticks right after two Inside bars, indicating that the uptrend was comparatively strong. So when the bull might be defeated? Considering the Elliott Correction Wave, it is common for the pair to set up Double Top pattern before the reversal trend has been confirmed. Therefore, if the pair can test any resistance zones (as marked with the rectangle) twice, we can expect the end of uptrend.

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