Swiss Franc can exit from pennant and continue fall to 0.8700

14 Mac

Hello traders, I want share with you my opinion about Swiss Franc. Looking at the chart, we can see how the price reached the resistance line of the downward channel, after which CHF rebounded down and declined to the support line of the channel, breaking the 0.8635 level, which coincided with the buyer zone. Then the price turned around and entered the pennant, where it made a strong impulse up to the resistance level, exiting from the downward channel and breaking the 0.8635 level one more time. After this CHF broke the 0.8820 level, which coincided with the seller zone, but soon it turned around and fell back and some time traded very close to the resistance level. Later, the price started to grow back and in a short time, CHF reached the 0.8820 level again, broke it, and rose to the resistance line of the pennant. But soon, the price rebounded from this line and declined to support line of the pennant, thereby breaking the 0.8820 resistance level again. After this, the price bounced from the support line and rose to the resistance line of the pennant, where, at the moment, CHF continues to trades near. In my opinion, the Swiss Franc can fall to the support line, after which it at once will bounce to the resistance line and then CHF can make an impulse down, thereby exiting from the pennant. For this case, I set my target at the 0.8700 level. Please share this idea with your friends and click Boost 🚀