USDCHF is growing steadily at 0.9422; it has rebounded from the cloud’s upside border. This quick movement completed an Upside-Down Head & Shoulders reversal pattern with the pattern materialisation target at 0.9570. however, as a rule, after breaking the “neckline”, the price usually gets back to test the broken line and resumes trading upwards only afterwards. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.9355 and then resume moving upwards to reach 0.9525. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border.
However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9260. In this case, the pair may continue falling towards 0.9170.
