USDCHF Top Reversal, Broken Uptrend Line
Structure: Downward (Lower Low after breakdown of 0.9815)
Moving Average: Broke 15 EMA Support, possible test 200 SMA
Trendline: Uptrend Line Broken
Pattern: Head and Shoulder at 0.9844 area
Trigger: Strong bearish candle breaks neckline support
Resistance: 0.9845 to 0.9850
Support: 0.9765, 0.9630
Bull power ran out of steam as the bearish candle formed and Double Top + Head & Shoulder at 0.9840.
Larger retracement or trend changing is expected.
Wait for 1H candle to retest neckline support 0.9825 and form rejection to short
Entry area: 0.9820 to 0.9825
SL: 0.9860
1st Target: 0.9765
2nd Target: 0.9630
Moving Average: Broke 15 EMA Support, possible test 200 SMA
Trendline: Uptrend Line Broken
Pattern: Head and Shoulder at 0.9844 area
Trigger: Strong bearish candle breaks neckline support
Resistance: 0.9845 to 0.9850
Support: 0.9765, 0.9630
Bull power ran out of steam as the bearish candle formed and Double Top + Head & Shoulder at 0.9840.
Larger retracement or trend changing is expected.
Wait for 1H candle to retest neckline support 0.9825 and form rejection to short
Entry area: 0.9820 to 0.9825
SL: 0.9860
1st Target: 0.9765
2nd Target: 0.9630
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