Price which opened with a push up to test the previous resistance for the third time. This several test of the resistance will gradually make the resistance become weak and will likely get broken.
On the daily time frame, the price chart of USDCHF has been spotted forming a chart pattern called , which has the V and U shape. This shapes are called ADAM and EVE respectively.
Adam is a term that describes how the bottom looks, in this case, a narrow, pointed bottom, perhaps with a one-day downward spike. Eve bottoms are more rounded looking and wider. If they have spikes, they tend to be more numerous and shorter. Many times the difference between Adam and Eve is the width of each over their entire height. Adam bottoms tend to remain narrow but Eve bottoms widen over their height.
The confirms as a true once price closes above the peak between the two valleys.Without confirmation you do not have an Adam & Eve .
The following are the levels to keep an eye on:
Breakout : 0.99763
Resistance 1: 1.00112
Resistance 3: 1.01572
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Ideas published should not be referred to as an investment advice.