USDCHF growth in pattern
The price is gradually completing the formation of the Wedge pattern.
If we extend the support and resistance lines, between which the price moves, they will intersect somewhere outside the visible chart.
It is important that the craft has a slope.
The wedge is considered an indefinite figure, since it does not always unambiguously affect the price.
In this case, we see that the price had at least 6 line touches, which is enough to form a pattern.
And also two small breakdowns (acceptable).
The price has reduced the amplitude of fluctuations.
And before entering the figure there is no clear impulse.
The trend, of course, can be traced (downtrend), but the price did a lot of correction to speak of a strong impulse.
Therefore, there is a chance that the pennant will reverse the price in the future.
But for now, I'm talking about the fact that it will continue to form a figure.
I expect the price to touch the 0.905 support line.
And then it will rise to the resistance line of 0.914.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
If we extend the support and resistance lines, between which the price moves, they will intersect somewhere outside the visible chart.
It is important that the craft has a slope.
The wedge is considered an indefinite figure, since it does not always unambiguously affect the price.
In this case, we see that the price had at least 6 line touches, which is enough to form a pattern.
And also two small breakdowns (acceptable).
The price has reduced the amplitude of fluctuations.
And before entering the figure there is no clear impulse.
The trend, of course, can be traced (downtrend), but the price did a lot of correction to speak of a strong impulse.
Therefore, there is a chance that the pennant will reverse the price in the future.
But for now, I'm talking about the fact that it will continue to form a figure.
I expect the price to touch the 0.905 support line.
And then it will rise to the resistance line of 0.914.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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