USDCHF: POTENTIAL Bullish Alt Bat - Trend Continuation Pattern

Jul 23, 2015

Alright, so the markets have not been co-operating with me as of late. But as with everyone, it comes and goes. Regardless, I'm sticking to the plan and staying with what works and has worked for me for a long time.

I wrote about this pair a while ago. 26 days ago, I posted this analysis about USDCHF .....

And now....


Pretty much everything that has happened since has conformed with that analysis. This pair is in the wave C of the ABC corrective pattern right now. If the Bat has anything to say, there is still A LOT more upside to go. Prices have already exceeded the B point of this Bat so the odds are good that prices will reach the D point.

But for now,let's see what is happening....

After an extended time of moving upwards, some form of relief in the way of a retracement was forthcoming. Especially after having spent much effort to break through some major resistance (see the Major SR Structure line). So after breaking through, now it is most likely retracing back down towards that former resistance now could be support. I have drawn in an Alt Bat however, I don't think this Alt Bat will complete as it's D point lies well beyond that major SR Structure line.

I'll be looking for prices to retest that Major Structure resistance becomes support area and watch the price action when it gets there for another chance to add to my LONG positions. For now, I am standing aside on this pair until that point is reached.