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USDCHF moves up after a WRMB becomes a possible BM

USDCHF completes month 1234 pattern

On the Monthly chart, we can see that price has created a 1234 pattern with price completing a WR of point 2 on the close of July 2014.

USDCHF - Monthly 1234 pattern completed via WR

USDCHF – Monthly 1234 pattern completed via WR

H4 shows completed WRMB and pending BM set up

Zooming into the current month of August 2014, we can see a previous set up of a WRMB which also has a 1234 pattern on the H4 with point 4 supported on the point 2 of the monthly pattern.

USDCHF - H4 WRMB and BM

USDCHF – H4 WRMB and BM

Currently, we can see that price has completed a BM after a bullish expansion close last week above previous 3 weeks high.

Any retracement to previous boxes high as support could result in a formation of a 1234 pattern which would offer possible entry opportunities.

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