5:00 PM (EST) Update
USD/CHF 4 Hour: Forming a Head & Shoulders Pattern
Trading idea: Short positions below pivot level of 0.95
Technical reasons why: The pair’s correction was held by 61% Fibonacci level forming the second shoulder of a Head & Shoulders chart pattern, currently heading towards the neckline at 0.95. Please beware that since we had 4 sessions of strong bearish candles, we could see a brief correction before the pair continues down. Our targets are set at 0.95 and 0.9453 in extension.
Alternative Scenario: Above 0.95 with no bearish confirmation, look for up-moves towards 0.9584 and 0.9632
Where to set your stops and limits:
|Support Levels||Turning Point||Resistance Levels|