Inverted Head & Shoulders - UCHF

Here we have USD/CHF on the 30 Min Chart! It looks to be outlining a potential Inverted Head and Shoulders Pattern upcoming!!

The First Low or "Shoulder" @ .86792 followed by the Lower Low or "Head @ .86662 with price moving back up to the Confirmation of Pattern or "Neckline" @ .86973 makes me believe we will get a BREAK of Confirmation @ the 3rd touch of the Neckline with price continuing HIGHER!

The RSI indicator is also throwing out a Slight Divergence, strengthening Bullish Bias on this possibly imminent Reversal Pattern!

Fundamentally this week:
USD - JOLTS (Tues) Non-Farm Payroll (Wed) Unemployment Claims (Thur) Non-Farm and Unemployment (Fri)
CHF - CPI (Mon) Currency Reserve (Thur)

**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!

-Pattern Prediction-
*If Price Breaks and Closes below .86792, Pattern INVALIDATED!
*If Price Breaks and Closes above .86973, Price Action will initiate my Trade Action Plan!

Comentário:

We are currently getting the 2nd Test of the Neckline!

Comentário:

Price blew right through the 2nd Test and turned this idea into a Double Bottom!
Neckline was still Confirmation and was used for Price to continue to where it is now battling the Resistance Area!