The USD/CHF is currently on a very important long-term level, and whatever happens at those levels will be crucial over the next few months. On the daily chart, we can see a big inverted Head and Shoulders formation that was started in September.
On May 14, buyers managed to break the neck line and started a significant upswing. Currently we are able to see a correction of this movement that is aiming for the neck line again, but this time from the top. Those kinds of movements are typical and are a real test of the iH&S formation. If buyers manage to perform another attack and start a major upswing, we will be able to confirm the buy signal for the forthcoming weeks.
USD/CHF" title="USD/CHF" width="614" height="270">
If sellers manage to come back under the neck line again, we will be able to deny the buy signal. The chance that the CHF will gain in value will increase significantly. Currently the price is very close to the neck line, and the bullish reversal so far is very weak. There is a chance that the neck line will be tested again today. There is a very important support at 0.9570 below the neck line. Breaking this one will definitely deny the buy signal.
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Inverted Head And Shoulders Formation On The USD/CHF Daily Chart
Published 05/27/2013, 07:13 AM
Updated 03/19/2019, 04:00 AM
Inverted Head And Shoulders Formation On The USD/CHF Daily Chart
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