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Coleman: Why I'm selling USDCHF
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Ian Coleman from First 4 Trading is expecting continued weakness in USDCHF. Trading on Monday signalled a shift in the tides as the mornings gains were quickly overturned. Additional technical indicators such as the bearish outside bars posted on the 6 and 4 hour chart indicate added downward potential. With a bearish Head and Shoulders pattern beginning to form, Ian is interested in selling into the right shoulder of the formation at 0.9800. He is targeting a move towards 0.9650 with a stop at 0.9835.
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