USD/CHF Obvious Crown Reversal

Doug Rosen

By: Doug Rosen

The Swissy opens its day just above the daily 5 ema and appears to want to head up.  The Swissy still has about 100 pips to go before it will hit some major resistance at the psyche level of .9300  .

 USD/CHF 4hour Analysis, November 24, 2011

The daily M3 pivot is at .9205 and the weekly M2 is at .9200 and the monthly R1 is at .9199 so with all this pivot point confluence at the psych level of .9200 I think this will be a tough area to crack and may very well take a dive if it cant break above this level. 

On the hourly timeframe price looks like it has made a crown pattern and a crown is a reversal pattern so a plunge down could be on the way. 

 USD/CHF 1hour Analysis, November 24, 2011

On the 15 minute chart timeframe the crown pattern is also very noticeable  and price is at a fib level of the las drop down which bounced up off the daily central pivot then bounced up to make the fib and now I will watch for the Swissy to make a drop. 

 USD/CHF 15minute Analysis, November 24, 2011

Meanwhile, price is still riding above the ema's and they will have to rollover for price to change its trend.
 

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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