USDCHF: A possible HEAD and SHOULDERS is Inverting the market!

FX:USDCHF   U.S. Dollar / Swiss Franc
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🟢Forex Pair:

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.

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Thanks for this idea.
+1 Reply
@abel11, always a pleasure man! :)
Thank you for this idea
+1 Reply
@Karzon, hi Karzon and thanks so much for your feedback! I hope it will be useful! :)
Thanks for sharing!!! Newbie here,in your opinion,is this a fakeout or break out is confirmed? Thanks
+1 Reply
FXtrades-gp CurtisTerry
@CurtisTerry, Hi and thanks for you comment! The price closed the session with an upbar just around the resistance zone, that's not enough to understand properly the next movement. My suggestion is to keep this pair in your watchlist, eventually the price will reach the level at 0.89500, then you could start looking for a long trade, waiting a pullback as an extra confirmation or even a clear upbar could be a nice sign of a bullish movement.
Eventually the price will get a proper rejection (like a down pinbar, or a clear inversion) reaching the level 0.88950, since that moment I'd suggest to wait for a better trade opportunity!
for any other question, feel free to ask :)
Yeah, waiting for the breakout too!
+1 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx, Hey! thanks for your comment, I really appreciate that! me too, I'm already planning my long position over here! :)
Always following your analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, Amazing! I can see we think in the same way! :) really great job man!
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