CHF/PLN has been in a downtrend and currently forming a bearish rectangle. Expecting the bearish pattern to play out and enter on break of rectangle for bearish continuation.
The handle is taking a shape of a rectangle chart pattern. Watch the break of that handle for entry direction. The larger pattern (inverted cup and handle) is bearish.
Pattern: Channel Up.
Signal: Buy as the MACD on the 1D time-frame made a bullish cross, while the price is finding Support around the 1D MA200 and the Higher Low trend-line of the Channel Up.
Target: 4.2500 (inner Higher Low trend-line).
Most recent CHFPLN signal:
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After retesting a strong support level at 4.05 we had a nice bounce off. Have been consolidating in this ascending triangle for the last couple of weeks. Now we are completing the 5 Elliot Waves pattern. Bulls gaining momentum.
If we manage to break through the upper triangle resistance level we can expect the price to reach 4.30 which converges with the 1.618...
This held above the midpoint last week. I'm thinking it pushes back up to test the top of the channel.
The 1H has been needed 3 of the last 4 times for a confirmed sell. So, keep an eye on the 1H when we get close to the top of the channel.
Based on previous price action, I think this could possibly test the last high point (light blue box) and bounce to reach the major resistance line where we have numerous reactions; did not reach it this past Friday. If this doesn't play out, we'll have to wait until it potentially reaches primary support to watch for the next move.
We have what looks to be two options. Triangle or horizontal channel (marked with stars as reaction points). If price breaks back into triangle, it could head to top of channel. If price falls back after touch bottom of triangle (currently retesting) we could be going down far.
The chart from the last decade shows that from one peak to the next, the price increases by an average of 14%. We are reaching the price level, which was the last peak, around 4.32, at the bottom of the chart there is the RSI indicator which means oversoldl / overbought. Rsi is above the upper limit of the norm, which means that we are in the territory of...
Longer term look for a CHFPLN. Price currently is reaching weekly trendline and ressistance zone. If price will reject current levels, we may see test of ascending daily blue trendline
