potential head and shoulders pattern formation on USDCHF.
Our plan is to wait until a formation of a right shoulder
and sell the retest of broken neckline.
However, attention! here the neckline is very wide and you need to let bear go through it.
the you can set your sell limit.
T1 - 0.9740
T2 - 0.9705
there is a very high chance to see a drop on GBPCHF after the market has reached
significant supply zone.
be focused on 1.865 structure support,
if bears break below that,
there will be a high chance to see bearish continuation to lower structure levels.
. There is a possibility of temporary retracement to suggested support line (0.7315). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CADCHF is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
very high chance to see bearish trend continuation on CHFJPY this week.
for now, we should wait for a bear break and close below 108.0
if this condition is met we can expect bearish continuation to 106.5 level
The US Dollar has been trading in a one-month ascending trendline against the Swiss Franc. The currency pair reversed from the lower border of the trendline at 0.9698 on June 25.
Most likely, the exchange rate will continue its upward swing within this week's trading sessions. The potential target for bullish traders would be near the upper border of the channel...
Price Action (Technical Analysis): Price broke out of the daily bearish wedge, either price continous to break below and test the previous structure it breaks (Support turns into Resistance) or price decides to retrace to a key fibonacci retracement level.
Fundamental Analysis: None.
USD/CHF is showing weakness. It has broke down the Trading Range and now it is in the Demand OB. It may find support here but if it won’t be able to, it will aim lower prices. Therefore, Fib Extensions are the new possible targets. Taking Profit is important.
Please let me know if you have any...