A potential Reverse Head and Shoulders formation is appearing on the H4 chart of USD/CHF.pointing us to a possible break of the downtrend channel and a long setup.

USD/CHF H4

 We have a downtrend channel in place, with price currently completing the correction of the 0.9273-0.9430 wave.

 It is being rejected at the 38.2 Fibo level and the faster SMA (blue) indicating a potential bottom (the second shoulder).

 Confirming a Reverse Head and Shoulders formation will provide us with another argument in being long - it will also break the 0.9285-0.9411 range. 

 Buy after a break or consolidation above the 0.9411 resistance, with a stop loss slightly inside the range and a target near the next resistance of 0.9584.

Good Luck.