The Bearish trend in the USDCHF pair has been interesting, looking right from the weekly trend, the bearish movement has not ended, taking a look at the fibbonacci retracement level before continuation of the bearish trend and a confirmation with the trend line breakout on Friday has indicated a possible retracement of around 0.618 to 0.5%.
A return from the (Blue Line) could be the resistance, since this price has been a major support and resistance in previous price movement also consideration for the fibonacci levels should also be taken to consideration,
Selling opportunity can be confirmed with price action, at the three points,
1. The blue line, Resistance - 0.97770
2. Fibonnacci Retracement level 0.618% - 0.9789
3. Fibonnacci Retracement leve 0.50 - 0.9808
NOTE : A bonus for traders of this idea is the higher it goes in retracement, the lesser our risk to reward.
Target should be at the 161.8 fibonacci level 0.96498
Stop loss can be taken above the 0.312 Fibonacci Level - 0.98260
Have a great trading week ahead!
A return from the (Blue Line) could be the resistance, since this price has been a major support and resistance in previous price movement also consideration for the fibonacci levels should also be taken to consideration,
Selling opportunity can be confirmed with price action, at the three points,
1. The blue line, Resistance - 0.97770
2. Fibonnacci Retracement level 0.618% - 0.9789
3. Fibonnacci Retracement leve 0.50 - 0.9808
NOTE : A bonus for traders of this idea is the higher it goes in retracement, the lesser our risk to reward.
Target should be at the 161.8 fibonacci level 0.96498
Stop loss can be taken above the 0.312 Fibonacci Level - 0.98260
Have a great trading week ahead!