CADCHF - Beautiful Price Action

FX:CADCHF   Canadian Dollar/Swiss Franc
Look at this beautiful price action. The price is pressuring on the trend line of a down channel and the base line of an Inverted Head and Shoulders . If it will manage to break and close above this area we could expect a rally to 0.8527, where it will find the price pattern's target. A false breakout here could only signal a continuation of the down trend.
Very good chart. I have added a confirming Fibonacci Retracement and Extension based on the trendline from the Head to the Neckline on the Right Shoulder. I tend to look for a shorter time frame trade confirmation especially on a H&S pattern that takes such a long time to form. The 0.618 extension makes for a very nice target in my opinion. Also the very long running channel can't last forever and a break above the channel on a daily close would seem a great trigger to take the trade.
+1 Reply
It couldn't be better ~
Good Catch :)
i liked
i'm with you :)
Razvan claudioesc
thank you :)
I think it will break. thanks for your idea
Razvan tntsunrise
It is important to see if the breakout will also be confirmed by a close :)
+1 Reply
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