USDCHF false break out and bear flag, Part 2
Okay so far the counter move of the wedge/triangle fake breakout, is going perfectly. Broke that bear flag and accelerated down. So keeping the speed of the drop as it should be in the big bearish wedge view. Because if we continue like this coming week, and break that green support around 0.99, we could possibly even see it continue to drop (in waves) to 0.96 and maybe even the 0.93/2 zone.
The markets can sometimes open with a gap after the weekend, but when ignoring that we can see what looks to be a basic bullish wedge. Ideally we see it go up and getting rejected below that red resistance zone on the right. This would keep the speed of the drop even better than perfect. If we see it break and get rejected at the red in the middle, it would still be good speed. Think 1.01 should be the real max. Breaking this will kill the speed and we could see a completely different outcome then.
So for now, wait and see how this plays out at opening.
Previous analysis:
The markets can sometimes open with a gap after the weekend, but when ignoring that we can see what looks to be a basic bullish wedge. Ideally we see it go up and getting rejected below that red resistance zone on the right. This would keep the speed of the drop even better than perfect. If we see it break and get rejected at the red in the middle, it would still be good speed. Think 1.01 should be the real max. Breaking this will kill the speed and we could see a completely different outcome then.
So for now, wait and see how this plays out at opening.
Previous analysis:
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