USDCHF - Watching for Head & Shoulders Set-up
On the 4 hours chart of
USDCHF
there maybe a potential Head & Shoulders in the making.
This is a chart we will be watching over the next few sessions to see where price action takes us. If price takes us above the shoulder line for a sustained period of time, we will negate this set-up and head back to the charts.
If we get a rejection of price at the SHOULDER LINE at 0.97860, this chart will come to the forefront of our near term strategies as we will then be looking for a retracement back to the NECKLINE at 0.97100. If we break support at the neckline, we will look to go SHORT with 3 targets.
ENTRY
Just below 0.97100
STOP
0.98400
TARGETS
0.96580
0.96075
0.95700
Published 10/15/17
USDCHF
there maybe a potential Head & Shoulders in the making. This is a chart we will be watching over the next few sessions to see where price action takes us. If price takes us above the shoulder line for a sustained period of time, we will negate this set-up and head back to the charts.
If we get a rejection of price at the SHOULDER LINE at 0.97860, this chart will come to the forefront of our near term strategies as we will then be looking for a retracement back to the NECKLINE at 0.97100. If we break support at the neckline, we will look to go SHORT with 3 targets.
ENTRY
Just below 0.97100
STOP
0.98400
TARGETS
0.96580
0.96075
0.95700
Published 10/15/17
Comment:
Approaching Shoulder Line. Look for a rejection here and a retrace back down to confirm our Head and Shoulders. If confirmed look for a break of 0.97100 and go SHORT.
Comment:
Price looked like it was on pace to fall back into our pattern, but has since stayed above the shoulder line for the past 12+ hours. We will continue to watch, but most likely this set is negated.
We may actually be in the process of developing a double top instead of H&S now.
We may actually be in the process of developing a double top instead of H&S now.