ForexTrade

AUDCHF Long term analysis

FX:AUDCHF   Australian Dollar/Swiss Franc
16 0 1
AudChf             has an interesting chart and it can be H&S reversal pattern. Technical analysis gives plenty of space for imagination and until pattern is not finished, I can not say that is definitely H&S pattern. Just using support and resistance lines I have different picture:
snapshot

Basically is just a weekly Flag pattern inside consolidation and on the short term it has to be traded as range. If I take a look at 4 hour chart :
snapshot

I can see, that in the middle of the weekly Flag 4 hour chart had a small consolidation, broke down, later came test ex-support, dropped down and currently came back to test ex-support again.
Until weekly Flag remains I am going to trade just long positions, but at the moment there are no entries for long positions: selling is a better option for now. Positiveness will come if price will manage to get inside consolidation of the 4 hour chart. Just when I will be looking for long entries. For now just watching.

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