USDCHF WILL TE PRICE BREAK THE TRIANGLE RESISTANCE OR REVERSE?

By PioTheFx

Updated

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This is the price outlook on a Daily chart.

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Price has closed on Friday with a retracement of almost half the move away from the triangle resistance.

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Waiting for how the Daily candle looks when close today for indication of reversal patterns

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Price has breached the bullish trendline, but the forming candles shows the signs of re entry into the trend line. Wait for the close for confirmation of a bearish or bullish bias.

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Price went on to re-testing the high (around the red box) which could be a double top formation. Although it will be a valid scenario if price happens to break the trendline and move bellow the double top neckline.

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The price broke the trend line as expected and keeps on the down trend toward the channel resistance.

Trade active

I have activated a position in anticipation of a bearish continuation toward the channel resistance, and further bellow it after the current retracement

Trade active

Price has taken the direction as expected.

Trade active

Although, there is currently a pause with price making an exhaustion candle. I will look for signs of reversal to get out of my position.

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Signal of reversal not yet materialized, although price is in a pause, but I am expecting for it to resume it's course toward the channel support. Watch out for reversal confirmations though.

PioTheFx

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