stamoyo

USD/CHF Plausible price action

Short
FX:USDCHF   U.S. Dollar / Swiss Franc
Here is an interesting chart that can be inferred in many ways. My interpretation, as you can see, is as follows: I spot the decreasing RSI on the higher tops and finally on the final lower top. That is so typical for a HS formation but the final top is somewhat short for a HS pattern. Even so, in case the price bounces and reaches the level (the height) of the 3rd top we will have a very reasonable and trustworthy HS pattern. In addition to this, the EMAs are negatively closing into a bearish consolidation, but for the cross which is to be made soon if the market keeps moving downward. The first support for the price will be the beginning of the uptrend or the equal distance of the 4th top to the cross of its altitude and the trend line.
*Disclaimer: this is for educational purposes only*
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