By: DailyForex.com
The USD/CHF 4 hour chart has now printed a triple top/head & shoulders pattern. The pattern comes after 2 very bullish weeks and occurs after yesterday's high once again tagged the 200 EMA on the Weekly Chart (inset). Yesterday's daily candle is a rather bullish candle, but this will be the third failed attempt in a week to break above 0.9750.
The pair is more or less at a standstill now after rising about 35 pips in the Asian session while we wait for the London traders to get to work. Support is holding so far at 0.9660 where we see a Weekly Pivot, Monthly R2 and Daily S1 all parallel to each other within 20 pips. A close above 0.9750 will potentially bring a further push to the 2012 high at 0.9971 while a close below 0.9650 will potentially bring March highs around 0.9575 and the Monthly Pivot at 0.9350 into play as potential downside targets.
