FX.co ★ USD/CHF potential inverse head-and-shoulder reversal, wait for buy entry

We can close out our initial short position for some profits as we're seeing the risk of an inverse head-and-shoulder reversal. The idea is not to buy yet but to wait for price to surpass 0.9650 before buying. 0.9650 is a major resistance level (Fibonacci retracement, Fibonacci projection, horizontal resistance), so we would wait for stronger price movement above it to trigger the move.

RSI (21) is seeing support from an ascending support line which is pushing price up to the 0.9650 level.

Buy at break of 0.9650. Stop loss is at 0.9585. Take profit is at 0.9770.