AlTorress

CHFAUD, Cup-and-Handle (bullish) pattern

Long
FX_IDC:CHFAUD   SWISS FRANC / AUSTRALIAN DOLLAR
39 views
3
STATUS Confirmed
CURRENT CONFIDENCE = 63%
TARGET (EXIT) PRICE = 1.545334 AUD
BREAKOUT (ENTRY) PRICE = 1.537778 AUD
DISTANCE TO TARGET PRICE = 0.66% (101.8 pips)
EMERGED ON Jun 26, 08:00 PM ( UTC )
CONFIRMED ON Jun 26, 08:12 PM ( UTC )
WITH CONFIDENCE LEVEL = 71%
Tickeron AI shows that the Cup­-and-­Handle (sometimes called Cup­-and-­Holder) pattern is formed when the price of a pair initially declines and then rises to form a “U”­like rounded shape (1, 2, 3, also known as the Cup). Once it forms the right lip, it is characterized by short, relatively straight price decline (from 3 to 4) forming the handle.

The declining handle potentially forms due to mounting selling pressure created when the pair tests its high at the right cup lip. After the sellers give up, the pair has the potential to breakout to the upside.