Speculations of the trade deal between the United States (US) and China have been the sole fuel for the market’s risk sentiment off-late. The trade deal between these two countries are of important as this play an important role in the price action.
On the 4hours time frame chart, the price of USDCHF, as been spotted forming a reversal chart pattern called the head and shoulders top.
As shown above, the touches of the support is an important part as well. How does a trader get successful trade set up with this pattern?
The neckline is the level where the trader needs to pay attention to. This horizontal support(neckline) is the level which will consistently bounce on before breaking it(this will make the support weak). Traders should keep an aye on the following levels below:
Breakdown level: 0.98252
Support 1: 0.97934
Support 2: 0.97440
Support 3: 0.96921
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
On the 4hours time frame chart, the price of USDCHF, as been spotted forming a reversal chart pattern called the head and shoulders top.
As shown above, the touches of the support is an important part as well. How does a trader get successful trade set up with this pattern?
The neckline is the level where the trader needs to pay attention to. This horizontal support(neckline) is the level which will consistently bounce on before breaking it(this will make the support weak). Traders should keep an aye on the following levels below:
Breakdown level: 0.98252
Support 1: 0.97934
Support 2: 0.97440
Support 3: 0.96921
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.