Even though the pattern is far from being a perfect example of a classic inverse head-and-shoulders formation, what we now see on the daily chart of the USD/CHF currency pair still looks like an opportunity to trade a trend-reversal breakout setup. The pattern began forming back in early December and is now fully formed, with only the neckline remaining to be broken. As you can see, the right shoulder is both much shorter and lower than the left one, which takes some credibility out of this setup, but I will trade it nevertheless.
The two horizontal yellow lines denote the pattern’s main levels — the neckline (upper line) and the head (lower line). The inclined yellow line is marking the formation’s shoulders. The entry level is marked with the cyan line, which is placed at 10% of the pattern’s height added to the neckline. The take-profit level is at the green line, which is placed at 100% of the pattern’s height above its neckline. I will set my stop-loss level to the low of the breakout candle or to the low of the preceding candle if the breakout one trades mostly above the neckline. I won’t trade a bearish breakouts from the inverted head-and-shoulders.

The chart was built using the ChannelPattern script. You can download my MetaTrader 4 chart template for this USD/CHF pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2021-01-23: I have canceled this setup as the price had bounced from the neckline:

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