USDCHF - USDCHF is trading in a bearish trend since October 2022.
- Reaching 0.88 level, the market set a new lower low and started a correctional movement.
- The price started to steadily grow within a rising channel.
- At the end of May, a solid horizontal supply area (weekly resistance/support) was reached. The market started to consolidate on that.
- A bearish movement initiated then. The market broke and closed below a support line of the channel.
- While the rising channel was broken the resulting bearish wave only ended at the key daily resistance turned support at 0.89885.
- The retest also seems to have lost any ability to trigger a bearish momentum.
- We can now picture an INVERTED HEAD AND SHOULDERS forming on the 4H timeframe ahead of release of the US inflation data pointing to the market's preparedness for a bullish wave.
- A completion and subsequent breaking of the neckline of the pattern will be seen as a trigger for further bullish wave.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.