GBPCHF Head and shoulders…but will it go the other way?

You may remember a few days ago I wrote about a GBCHF head and shoulders.

Just for those who might have forgotten here’s the chart again.

And here we are now…

As you can see the pair (as predicted) went back up to the resistance @ 1.53430 or so and now we are waiting for news @ 12:00 which if it disappoints could be the fuel to the fire to push the pair through the two supports @ 1.52139 and the one slightly above it. If we break that there is a short trade and then a wonderful target down @ 1.49770 but this could take weeks to get to especially in these choppy flat markets.

I have put my entry order down at 1.152645 with a huge target of 1.49770. Could we break the H&S today? If so then there is big potential down below and I will probably add to my trade if it breaks into the big lower area for a 151 pip target.

Everything on these charts is automatically generated by the SignalTrader Forex Trading System.

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