USDCHF is currently above last months lows around 0.9700. The short term bull trend needs to break 0.9950 resistance before we see another rally. Until then, the market is still bearish. I will initiate a short position below 0.9800 because the sentiment will have shifted towards the sellers favor. I will be looking to take a long up 300 pips to my intermediate target. If price rejects this resistance (which it looks more likely to do), then I will be looking to take price down 200 pips which would complete the Head and Shoulders pattern we see forming around (0.9760 - 0.9460) range. My risk-reward for short side is 1:4, and long side is 1:10.