USDCHF managed to breakout the inverted head and shoulder pattern and the 9 months trend line in the previous week as can be seen on the 4hr Timeframe. The further crossing of the 0.89882 resistance area also confirmed the strong bullish move. From a daily perspective the last candle for the week was bearish and the opening price was below the previous bullish candle close. The current short term bearish move is probably a minor correction to bring price down and either do one of the below moves:-
1].Create support at 0.89882
2]. Proceed further down to retest the neck line of the inverted head shoulder pattern.
3].Create dynamic support with the 50 moving average.
Price should be allowed to come down and pending buy orders can perhaps be placed at the Fib 50.0 zone around 0.89656 areas
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1].Create support at 0.89882
2]. Proceed further down to retest the neck line of the inverted head shoulder pattern.
3].Create dynamic support with the 50 moving average.
Price should be allowed to come down and pending buy orders can perhaps be placed at the Fib 50.0 zone around 0.89656 areas
Like Comment & Share
