The USD/CHF currency pair has been consolidating for a while and the market seems to be trying to create a potential right shoulder in an inverted head and shoulders pattern. The potential neckline is drawn through the recent tops at 0,8919.
If it is broken we may assume that the USD/CHF could rise towards the key trendline drawn through the tops. However, if the mentioned trendline is broken we may expect another rally to the textbook target at 0,9087. The bullish view may change from bullish to bearish when the recent low at 0,8756 is broken.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If it is broken we may assume that the USD/CHF could rise towards the key trendline drawn through the tops. However, if the mentioned trendline is broken we may expect another rally to the textbook target at 0,9087. The bullish view may change from bullish to bearish when the recent low at 0,8756 is broken.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
