FXtrades-gp

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

Long
FX:USDCHF   U.S. Dollar / Swiss Franc
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

Related Ideas

Comments

Thanks for this idea.
+1 Reply
@abel11, always a pleasure man! :)
Reply
Thank you for this idea
+1 Reply
@Karzon, hi Karzon and thanks so much for your feedback! I hope it will be useful! :)
Reply
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 :)
Reply
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! :)
Reply
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!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out