In our previous analysis about the USD/CHF currency pair we have mentioned that the market may create an inverted head and shoulders pattern. It seems that the right shoulder has formed and the market was ready for the new impulse which has broken a neckline.
What happened yesterday may confirm the assumption about inverted head and shoulders pattern and may open a way to the potential targets. The first one could be located at the line drawn through the tops. The second one is set by the textbook target for the pattern at 0,9087. The nearest support could be located at 0,8919 and it might not be 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.
What happened yesterday may confirm the assumption about inverted head and shoulders pattern and may open a way to the potential targets. The first one could be located at the line drawn through the tops. The second one is set by the textbook target for the pattern at 0,9087. The nearest support could be located at 0,8919 and it might not be 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.
