Inverted Head & Shoulders - UCHF
Updated
Here we have USD/CHF on the 30 Min Chart! It looks to be outlining a potential Inverted Head and Shoulders Pattern upcoming!!
The First Low or "Shoulder" @ .86792 followed by the Lower Low or "Head @ .86662 with price moving back up to the Confirmation of Pattern or "Neckline" @ .86973 makes me believe we will get a BREAK of Confirmation @ the 3rd touch of the Neckline with price continuing HIGHER!
The RSI indicator is also throwing out a Slight Divergence, strengthening Bullish Bias on this possibly imminent Reversal Pattern!
Fundamentally this week:
USD - JOLTS (Tues) Non-Farm Payroll (Wed) Unemployment Claims (Thur) Non-Farm and Unemployment (Fri)
CHF - CPI (Mon) Currency Reserve (Thur)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
-Pattern Prediction-
*If Price Breaks and Closes below .86792, Pattern INVALIDATED!
*If Price Breaks and Closes above .86973, Price Action will initiate my Trade Action Plan!
The First Low or "Shoulder" @ .86792 followed by the Lower Low or "Head @ .86662 with price moving back up to the Confirmation of Pattern or "Neckline" @ .86973 makes me believe we will get a BREAK of Confirmation @ the 3rd touch of the Neckline with price continuing HIGHER!
The RSI indicator is also throwing out a Slight Divergence, strengthening Bullish Bias on this possibly imminent Reversal Pattern!
Fundamentally this week:
USD - JOLTS (Tues) Non-Farm Payroll (Wed) Unemployment Claims (Thur) Non-Farm and Unemployment (Fri)
CHF - CPI (Mon) Currency Reserve (Thur)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
-Pattern Prediction-
*If Price Breaks and Closes below .86792, Pattern INVALIDATED!
*If Price Breaks and Closes above .86973, Price Action will initiate my Trade Action Plan!
Comment
We are currently getting the 2nd Test of the Neckline!Comment
Price blew right through the 2nd Test and turned this idea into a Double Bottom! Neckline was still Confirmation and was used for Price to continue to where it is now battling the Resistance Area!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.