USD/CHF 4 Hour: Break below the Head & Shoulders Pattern Neckline Could be Close
Forex Trading idea: Short positions below pivot level of 0.95
Technical reasons why: The USD/CHF pair’s correction was held by 61% Fibonacci level forming the second shoulder of a Head & Shoulders chart pattern. On Us dollar weakness Monday morning, the pair is currently testing the neckline at 0.95 which was our first bearish target. Your next target could be set at 0.9453 and 0.9370 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 |
|---|---|---|
| 0.9453 | 0.9544 | 0.9584 |
| 0.9370 | 0.95 | 0.9632 |
