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USD/CHF Head and Shoulders Pattern (May 30, 2013)
On its 4-hour time frame, USD/CHF seems to have formed a head and shoulders pattern, indicating a potential reversal from the pair’s rallies earlier this year.
The Swiss GDP is set for release and the economy is expected to have grown by 0.2% for the first quarter of the year. Later on, the U.S. will release its preliminary GDP report but is expected to make no changes to its 2.5% growth rate.
However, stronger than expected Swiss GDP and a downward revision in U.S. GDP could trigger a sharp breakdown from the neckline of the formation around .9600. On the other hand, weak Swiss GDP and an upward revision in U.S. GDP could set off a bounce back to the .9700 area.
By Kate Curtis from Trader's Way
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