Nico.Muselle
Short

USDCHF - Bat pattern completion indicates further downtrend ?

FX:USDCHF   U.S. Dollar/Swiss Franc
After the SNB announcement the USD plunged against the Swiss Franc             . Since that day it has been fluctuating in an ever smaller range (see the 240 chart), never exceeding the 0.88 range. This forms a flag pattern on the chart which usually results in a trend continuation (in this case to the downside)
On the 60 min chart we can see a bat pattern completion which indicates the same direction.
If we consider this pattern to be the indicator for the break of the flag pattern , we can set targets at the .618 and the 1.272 extension (dotted green arrow). A more conservative approach uses the .382 and .618 retracements as targets.
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Here's the 240 chart I mentioned in my comments above.

snapshot
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