USDCHF – Looking for a reverse Head and Shoulders to form.

Monthly: For the last 89 months USDCHF has held within a bullish channel formation. Level close to 1.0330 continue to cap buying.  A full AB=CD formation would the the pair to 1.1450. The psychological 1.0000 (Big Figure) continues to be pivotal and attract both sellers and buyers. Trend line support is located at 0.9483

Weekly:  Mixed trading for the last 64 weeks has formed an Ascending Wedge formation that has an eventual bias to break to the downside. Trend line support is located at 0.9740, trend line resistance at 1.0148. Last week’s price cation posted a Hammer which is positive for price action.

Intraday (4-hours): The strong upward move has stalled close to the previous swing of 0.9920. With a correction count posted on the intraday chart, there is scope for a move to the downside. We look for losses to be limited and a possible reverse Head and Shoulders forming. Buying into dip offers good risk/reward. If this formation plays out then the measured move target is 1.0120, close to the wedge top and medium-term resistance.