Head and Shoulders on USD/CHF

Head and Shoulders on USD/CHF

The bearish sentiment prevails on the USD/CHF currency pair. The current technical pattern signals a further fall in the USD/CHF quotes. On the 4-hour chart, a classic Head and Shoulders pattern, which indicates a continuation of the downward trend, has been formed. At the moment, the trading instrument is testing the "mirror" support level of 0.98150. We recommend paying attention to this situation.

If the price fixes below 0.98150, you should consider selling USD/CHF. The immediate goal for profit taking is 0.97400-0.97000. In the medium term, the USD/CHF currency pair may reach 0.96500-0.96000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2019.07.15

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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