Today’s Forex Guide

Dollar Swissy forming Head & Shoulders Pattern


Apr.23.2015

5:00 PM (EST) Update

USD/CHF 4 Hour
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
0.9580 0.95 0.9584
0.9453 0.9632

 

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