Double Bottom - UCHF
Updated
Here I have the USD/CHF on the 1Hr Chart.
Price action has outlined what looks to be a possible strong reversal pattern, the Double Bottom!
Price has given us two Lows with the most current being a Higher Low. Now I expect with price reaching back up to Confirmation of Pattern @ .8451, we should be given a Break of Confirmation for price to begin creating Higher Highs!
RSI was heavily Oversold on the first Low created and looks to start working up above 50 after the last Low!
*Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
*If Price Breaks and Closes below .83562, Pattern INVALIDATED!
*If Price Breaks and Closes above .8451, Pattern CONFIRMED!
Price action has outlined what looks to be a possible strong reversal pattern, the Double Bottom!
Price has given us two Lows with the most current being a Higher Low. Now I expect with price reaching back up to Confirmation of Pattern @ .8451, we should be given a Break of Confirmation for price to begin creating Higher Highs!
RSI was heavily Oversold on the first Low created and looks to start working up above 50 after the last Low!
*Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
*If Price Breaks and Closes below .83562, Pattern INVALIDATED!
*If Price Breaks and Closes above .8451, Pattern CONFIRMED!
Comment
Price has broken our Confirmation of Pattern!!Now with the current High, we will be looking for the next Low as an entry to continue HIGHER!!
{ Buy Entry Range } .8454 - .8429
{ SL } .8420
Novi_FIbonacci
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