Bearish Gartley/222 pattern on USD/CHF
On daily/D1 time-frame:
A bearish Gartley/222 pattern was formed as FIB88.6 (0.99772) coincided with abcd100 at daily closing of Nov 11. The pattern became significant after formation of engulfing bearish candle.
If Fed's Powell is gonna be dovish on Wed & Thu and upcoming CPI & retail sales are gonna be equal to/less than forecast, USD/CHF may reach ABCD100.
On H4 time-frame:
I am setting TP at ABCD161.8 (+2.0 pips & spread), it makes a support cluster with classical target of the engulfing candle of daily time-frame. Keeping the target minimum ahead of economic events and data is advisable. If my target is hit before release of US CPI tomorrow, I will look for a re-entry to trade the gartley of D1 with CPI. Otherwise, I will keep the trade on hold because I am not expecting a positive surprise in CPI. I am not expecting Powell to be hawkish either.
Risk: SL few pips above today's high (C point of ABCD of H4)