I been following USDCHF's price action for 2 weeks now. The recent overnight support break-down on 0.9780 during late US session paved way to re-test September 6 support forming 2 local double bottom clusters. This gave a short relief allowing the bulls to take over after a strong sweep off low move.

Suspecting that the bulls must re-test the 0.9810-20 range first creating an inverse Head and Shoulders pattern on the hourly chart where this range plays a vital neckline to the next price direction.

After USDCHF revealed where its weekly supply zone, I bet to short the rally attempts within the 0.9810-20 range. This is my trading plan today Thursday till Friday until I see some adjustments. For now price tries to consolidate within the double bottom clusters and any lower prices will be bought. If hits, gives me a 3.114 risk:reward score.

USDCAD Bulls Inverse Head and Shoulder Attempts

Sep 08 2022

1

1