Forex Trading Library

USDCHF – Selling into rallies with a Head and Shoulders building

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Monthly: For the last 91 months USDCHF has held within a bullish channel formation. Level close to 1.0330 cap buying.  A full AB=CD formation would the the pair to 1.1450. The psychological 1.0000 (Big Figure) continues to be pivotal and attract both sellers and buyers. Trend line support is located at 0.9577

Weekly:  Mixed trading for the last 59 weeks has formed an Ascending Wedge pattern that has an eventual bias to break to the downside. Trend line support is located at 0.9865, trend line resistance at 1.0188. A break of support and the measured move target is 0.9188

Daily: Moving higher in a mixed and volatile fashion, common in corrective formations. The channel top, and a possible right shoulder of a bearish Head and Shoulders pattern is seen at 1.0023. Bespoke resistance is located at 1.0027. Selling into rallies offers a favourable risk/reward ratio with the measured move being 0.9645 (on a break of trend line support at 0.9870)

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