USDCHF - Watching for Head & Shoulders Set-up
Updated
On the 4 hours chart of 
USDCHF there maybe a potential Head & Shoulders in the making.
This is a chart we will be watching over the next few sessions to see where price action takes us. If price takes us above the shoulder line for a sustained period of time, we will negate this set-up and head back to the charts.
If we get a rejection of price at the SHOULDER LINE at 0.97860, this chart will come to the forefront of our near term strategies as we will then be looking for a retracement back to the NECKLINE at 0.97100. If we break support at the neckline, we will look to go SHORT with 3 targets.
ENTRY
Just below 0.97100
STOP
0.98400
TARGETS
0.96580
0.96075
0.95700
Published 10/15/17
USDCHF there maybe a potential Head & Shoulders in the making.This is a chart we will be watching over the next few sessions to see where price action takes us. If price takes us above the shoulder line for a sustained period of time, we will negate this set-up and head back to the charts.
If we get a rejection of price at the SHOULDER LINE at 0.97860, this chart will come to the forefront of our near term strategies as we will then be looking for a retracement back to the NECKLINE at 0.97100. If we break support at the neckline, we will look to go SHORT with 3 targets.
ENTRY
Just below 0.97100
STOP
0.98400
TARGETS
0.96580
0.96075
0.95700
Published 10/15/17
Note
Approaching Shoulder Line. Look for a rejection here and a retrace back down to confirm our Head and Shoulders. If confirmed look for a break of 0.97100 and go SHORT.Note
Price looked like it was on pace to fall back into our pattern, but has since stayed above the shoulder line for the past 12+ hours. We will continue to watch, but most likely this set is negated. We may actually be in the process of developing a double top instead of H&S now.
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