USDCHF Long on Inverted Head & Shoulder bottom
Updated
Looking to enter this trade when/if we break the neckline and on retest of it - if it happens before FOMC, otherwise I will enter already on first break as I'm bullish on USD going forward. My count also indicates that we probably have completed the ongoing complex correction.
Trade active
Sorry for not updating earlier, but I caught an old fashion Common Cold dragging me down. Anyhow, nice development here and I was filled at a slightly lower price than shown in the first chart. At this point it's hard to say what kind of structure we will get. So even if I have marked it as a 1-2, 1-2 combination it may as well turn out to be a smaller abc.There was a late setback last week, but I think it's more about positioning than a true weakening of USD and next challenge will be to take out last weeks high at 0.9175. That will open up the way to break out of the down sloping pitchfork channel. If that high isn't taken we may see a new attack of the lows and possibly threaten the iH&S validity. I cannot see the near to medium future having much to offer CHF though.
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