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.