USD/CHF building a Gartley in front of tonight’s FOMC minutes

16 thg 8, 2023

The daily chart highlights spikes in both directions for the last four days. This is a clear indication of investor indecision in front of tonight's FOMC minutes.
The intraday chart highlights volatility over the US Retail Sales yesterday. The cross has managed to regain most of the initial losses.
From a technical perspective, we will build a bearish Gartley formation on a move to 0.8810.
If we trade at this completion barrier when the FOMC minutes are released this evening, I will be looking for a bearish reversal confirmation in USD/CHF (to play a short USD move).
Downside targets will be:
• 0.8690. This is a 161.8% extension and the previous swing low.
• 0.8611. This is a 78.6% pullback level and close to the 261.8% extension level of 0.8604.