August 15, 2013 (10:10 pm) – The USDCHF pair appears to be on the verge of completing an inverted kilroy pattern (commonly known as inverted head and shoulders) in its 4-hour chart. If the US dollar extends its gains against the Swiss franc and the pair successfully moves above its 0.9400 resistance then it may further rise to its next stop at around 0.9500. A failure to move above 0.9400, on the other hand, may lead the swissy to rally and send the pair back down to 0.9350. Given the possibility of a further rise, I’m going to look to buy on breakout at around 0.9420 with an initial target at 0.9500 and a stop at 0.9370.
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