TUESDAY, JULY 12, 2011

#USDCHF Diamond Reversal Picture

The daily chart shows see that we need a lower right border that perhaps will be formed in a few days to finish a very symmetrical diamond consolidation form.

Lets see what the low of the week will be. Probably that will determine the lower border.
The green line touch (as a swing low) would determine a good symmetry for this one. Since the main diagonal is pointing DOWN, the odds are that an upward break is most likely to occur.

Looking good so far.

We have other clues that show that a reversal (correction) is imminent. Those being price action being inside a bullish wedge formation and some confirmed MACD/RSI bull divergences already published here.

A projected diamond consolidation formation: although we still need a lower right border, mos-likely will be completed by the end of this week. A correction is very likely.
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