USDCHF - Bat pattern completion indicates further downtrend ?
After the SNB announcement the USD plunged against the Swiss Franc. Since that day it has been fluctuating in an ever smaller range (see the 240 chart), never exceeding the 0.88 range. This forms a flag pattern on the chart which usually results in a trend continuation (in this case to the downside)
On the 60 min chart we can see a bat pattern completion which indicates the same direction.
If we consider this pattern to be the indicator for the break of the flag pattern, we can set targets at the .618 and the 1.272 extension (dotted green arrow). A more conservative approach uses the .382 and .618 retracements as targets.
On the 60 min chart we can see a bat pattern completion which indicates the same direction.
If we consider this pattern to be the indicator for the break of the flag pattern, we can set targets at the .618 and the 1.272 extension (dotted green arrow). A more conservative approach uses the .382 and .618 retracements as targets.
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