Friday, June 1, 2012

A classic head and shoulder pattern ahead of the GDP in Canada

A classic H&S pattern is spotted on the CAD/CHF pair just a few hours before the GDP in Canada. The pattern, right on a stiff weekly and daily resistance, is a reliable bearish sign for the pair. A clear break of the neck line at 0.9374 will be the trigger to a down move. Conservative SL should be placed above the right “shoulder” of the pattern at 0.9409 (today’s high). First target will be around 50 pips below entry point, and second target can remain open. Watch GDP reading that has the potential to trigger a strong move.

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