Long Term Trendline Currently Being Tested (Possible H&S)
Just to add to the importance of current level in UsdChf, is the sloping trendline,
which is tested now. Could be the neckline of an somewhat ugly H&S. They rarely
look perfect anyway. Target of abcd stands at 1,1590 and 61,8 at 1,0480. Also note that
1,0140 is the 50% fib of the CD leg, which add resistance here. UsdChf is oftentimes a good
approximate and can give extra clues to were EurUsd is going. Not mentioned in the chart
text but equally important is the Bullish Kumo Breakout that occured previous month. A very
rare occasion on this high timeframe.
which is tested now. Could be the neckline of an somewhat ugly H&S. They rarely
look perfect anyway. Target of abcd stands at 1,1590 and 61,8 at 1,0480. Also note that
1,0140 is the 50% fib of the CD leg, which add resistance here. UsdChf is oftentimes a good
approximate and can give extra clues to were EurUsd is going. Not mentioned in the chart
text but equally important is the Bullish Kumo Breakout that occured previous month. A very
rare occasion on this high timeframe.
