USD/CHF 4H Ichimoku and Pattern Analysis, Flip a coin?
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USD/CHF has been bearish lately and had a small reversal on June 11 when it broke to the upside of a falling wedge pattern.
Now it's forming a bit of a bullish flag/symmetrical pattern and although the general trend seems to be bearish, this pattern breaks to the upside 9 out 10 times.
On the Ichimoku, it's just under breaking through the cloud which would confirm the bullish reversal and also break the pattern to the upside.
The Tenkan ( Yellow Line ) also broke above the Kijun ( Dark blue line ) which is a bullish sign as well.
It's still under the pivot which aligns with the SSB ( red line and top of the could ) which is considered bearish.
Even the RSI is in the middle, which leaves room for both sides to take the upper hand.
As we don't know what will happen, while the up seems more probable but not by much, you could play the breakout. Stop under or above the Pivot ( leave some room for fakeout wicks ) and as targets the S1 to the downside and R1 to the upside.
Be careful leverage trading is risky so manage your position sizing accordingly!
USD/CHF has been bearish lately and had a small reversal on June 11 when it broke to the upside of a falling wedge pattern.
Now it's forming a bit of a bullish flag/symmetrical pattern and although the general trend seems to be bearish, this pattern breaks to the upside 9 out 10 times.
On the Ichimoku, it's just under breaking through the cloud which would confirm the bullish reversal and also break the pattern to the upside.
The Tenkan ( Yellow Line ) also broke above the Kijun ( Dark blue line ) which is a bullish sign as well.
It's still under the pivot which aligns with the SSB ( red line and top of the could ) which is considered bearish.
Even the RSI is in the middle, which leaves room for both sides to take the upper hand.
As we don't know what will happen, while the up seems more probable but not by much, you could play the breakout. Stop under or above the Pivot ( leave some room for fakeout wicks ) and as targets the S1 to the downside and R1 to the upside.
Be careful leverage trading is risky so manage your position sizing accordingly!
Comment:
As I said before the probability leaned to the upside and that is now confirmed with it a close above the cloud. Target is R1 and stop under the SSB ( Red line of the cloud )