The Pound Swissy.

Good evening Dynamic Traders,

Tonights chart is on the 4 hour timeframe regarding the GBPCHF.

I am looking for a smaller profit on this pair and so will be managing it accordingly.

If you look at the chart below I have indicated a possible H&S formation which has now closed below the neckline and therefore am waiting confirmation by using the filter.
However MACD is disputing this and so a more conservative entry could be employed whichever way you want to view it, but either way means waiting for your entry.
More recently there is a possible small bearish flag formation which needs also to be considered, which if confirmed would give us a good entry point to start with.

It will be interesting to see which scenario wins between the battle of the patterns as opposed to the contradicting indicators in this case, but all we need do is be ready for whatever direction it does go in.

Please bear in mind that high impact news is out on this pair tomorrow, and as always please do your own analysis.

Charts courtesy of TradeStation.

Good luck with all your trades.

Clayton Farnworth.