USDCHF: A possible HEAD and SHOULDERS is Inverting the market!
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
USD/CHF
⚪Technical Analysis:
In the weekly chart, since March 2020, the price has been moving with a clear downtrend, following and creating an interesting falling wedge pattern.
At the end of December the price bounced and got a clear rejection on the dynamic support level of that pattern and it's now moving up trying to reach the next dynamic level.
In the daily perspective, after a period of consolidation started in July 2020 and ended at the end of November, the price got a strong bearish impulse, bouncing on the dynamic support of the falling wedge. Since that moment the price got a new strong positive impulse.
In the h4 chart the price got many rejections on the S/R level at about 0.89120, that's a sign of strong area, but at the same time, the price seems is creating a nice inverted head and shoulders pattern.
The next price action around this zone will be essential to understand the next market movement and the validity of that pattern.
🔴Conclusion: ✔️
The price is absolutely in an interesting situation, I'm so confident to see the price breaks the resistance level, reaching the next strong weekly resistance.
This pair is definitely in my watchlist and I'd highly suggest you to wait for an extra confirmation before opening any long position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
USD/CHF
⚪Technical Analysis:
In the weekly chart, since March 2020, the price has been moving with a clear downtrend, following and creating an interesting falling wedge pattern.
At the end of December the price bounced and got a clear rejection on the dynamic support level of that pattern and it's now moving up trying to reach the next dynamic level.
In the daily perspective, after a period of consolidation started in July 2020 and ended at the end of November, the price got a strong bearish impulse, bouncing on the dynamic support of the falling wedge. Since that moment the price got a new strong positive impulse.
In the h4 chart the price got many rejections on the S/R level at about 0.89120, that's a sign of strong area, but at the same time, the price seems is creating a nice inverted head and shoulders pattern.
The next price action around this zone will be essential to understand the next market movement and the validity of that pattern.
🔴Conclusion: ✔️
The price is absolutely in an interesting situation, I'm so confident to see the price breaks the resistance level, reaching the next strong weekly resistance.
This pair is definitely in my watchlist and I'd highly suggest you to wait for an extra confirmation before opening any long position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
