The USDCHF pair has been doing lots of harmonics recently. After the most recent down leg, a retracement should be in order.
The entry signal is a completed bullish Gartley pattern on the daily chart, in confluence with a 1.27 retracement of a nestled bat pattern, and a 61.8 retracement of an imperfect Crab before that. It is reinforced by the inverted hammer candle one day prior.
Despite price recently breaking a significant support line in effect since August 2015, the anticipated move up is in line with the greater trend since end December 2014; it is possible that price will exceed the 1.030 high set at the end of November 2015.
Stop loss can be placed around the 0.9500 level: 1.618 bat, around 1.00 Gartley (also 1.23 extension of AD leg), and 78.6 of imperfect Crab pattern just prior.
Conservative profit target at 38.2 Gartley AD leg (about 0.99196), with a more aggressive one at 0.618 (1.00741). If you want, you can scale out by halves or thirds and shoot for the moon.
Risk-reward ratio anywhere from 1:2 and up. Just pick something healthy.
All the best!
The entry signal is a completed bullish Gartley pattern on the daily chart, in confluence with a 1.27 retracement of a nestled bat pattern, and a 61.8 retracement of an imperfect Crab before that. It is reinforced by the inverted hammer candle one day prior.
Despite price recently breaking a significant support line in effect since August 2015, the anticipated move up is in line with the greater trend since end December 2014; it is possible that price will exceed the 1.030 high set at the end of November 2015.
Stop loss can be placed around the 0.9500 level: 1.618 bat, around 1.00 Gartley (also 1.23 extension of AD leg), and 78.6 of imperfect Crab pattern just prior.
Conservative profit target at 38.2 Gartley AD leg (about 0.99196), with a more aggressive one at 0.618 (1.00741). If you want, you can scale out by halves or thirds and shoot for the moon.
Risk-reward ratio anywhere from 1:2 and up. Just pick something healthy.
All the best!