I am looking at a possible inverted Head and shoulders pattern in GBP/CHF. It looks like we have broken the neckline today. The target for this pattern is 1.55 if the labeling here is correct and we have done a wave I and wave II of C 1.618 if I from II is 1.799 which is the ultimate target
I have 1 trade long from 1.455 and currently have my stop at 1.45 (below the 22/06/15 low). I will be looking for a 3 wave pull back to enter more.
I like holding this trade for a while because of the positive roll.
A note of caution. It is approaching the 200 day simple moving average at 1.4742 (as of 23/06/2015). A break and a close above this would make me feel more comfortable.
I have 1 trade long from 1.455 and currently have my stop at 1.45 (below the 22/06/15 low). I will be looking for a 3 wave pull back to enter more.
I like holding this trade for a while because of the positive roll.
A note of caution. It is approaching the 200 day simple moving average at 1.4742 (as of 23/06/2015). A break and a close above this would make me feel more comfortable.