Well things have been pretty horizontal for a lot of trades but USDCHF is showing signs of retracing down into it’s bearish channel where it has been going for a few days. Seems a simple trade in terms of it’s steady bearish move. I also have a AUDUSD buy left over from yesterday but that went horizontal after a few pips in.
See the break, we’ve had the hook now waiting for further downside.
Look at this head and shoulders on the daily chart. It’s bearish and has not yet reached the bottom of the 3rd shoulder. That’s why dispite AutoChartist (sorry guys) talking about a bounce here I think we have further to go down. The key will be if we break below the bottom of the third shoulder.