Interesting Trading Setups on the Silver and CHF
Silver started this week with a breakout of the lower line of the wedge, which in theory, gave us a strong sell signal. Buyers try to deny that today and they initiate a reversal, which potentially can create us a right shoulder of the inverse head and shoulders formation. For the proper buy signal, we need to see the breakout of the black neckline first.
CHFJPY is having a very interesting bearish situation supported mostly on the higher timeframes. On the weekly chart, we do have a shooting star bouncing from the horizontal resistance. On the daily chart, we do have a false breakout above the orange area and on the H4 chart, we do have a head and shoulders formation. For the proper sell signal, we need to see the breakout of the pink horizontal support first.
USDCHF broke the up trendline and is now testing it as the closest resistance. We are also in the flag formation so for the proper sell signal, we need to see the breakout of the lower line of the flag.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis