Technical Analysis of USD/CHF Dates 2014.12.12
USD/CHF during the recent weeks was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 0.98187.Right now price in long time frames such as monthly and weekly is above 5-day moving average and warns about price increase in long period of time.Price has been stopped from more ascend by reaching to the specified resistance levels in the chart below and with exit of some buyers from their trades at the end of 8th day.
As it is obvious in the picture below, price during the descending has touched the Up Trendline (made of 2 bottom prices) has created the Spinning top candlestick patterns which shows indecision marker for ascending or descending .Please note that there is a Wolfe wave Pattern which its 5 point is complete and goes toward the goal.Until when the red tape is in the USD/CHF chart, we have the hope of the reform of the previous trend although, it may be a fragile and weak reform.
Written by the technical team of PipSafe Company
USD/CHF Chart dated 2014.12.12
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