The USDCHF failed to continue its bullish momentum yesterday, fell below 0.8900 and closed at 0.8850. Like I said yesterday, as long as price stays above 0.8779 price is still in a bullish intraday outlook, but I see a potential H&S formation as you can see on my h4 chart below. The formation is not confirmed yet, but I would reactivate my bullish intraday mode only on a clear break above 0.8945, targeting 0.9000/50. On the downside, 0.8779 support area still hold so far but a clear break below that area could trigger further bearish pressure testing 0.8710 which could be a threat to the current bullish intraday outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.