Dr_Pip
Short

USD/CHF Possible Short

FX:USDCHF   U.S. Dollar / Swiss Franc
As we look at the higher time frames, Price is currently in an exhaustion phase as price is testing Fibonacci levels of 50%, 61.8%. on the weekly chart. As we move to the daily chart we see that price has printed a bearish engulfing bar representing bearish pressure coming off these Fibonacci levels. As we take a closer look we see that on the 4 HR chart price has struggled moving the the upside and printed a double top formation with a break of a bullish trend line . Looking for price to print a lower high before execution shorts on this pair. Confirmation for entry is needed whether that is a bearish engulfing bar or pin bar on a lower time frame after creating that lower high.

My analysis are for educational purposes. My post are not signals! Trade at your own risk. Happy trading!

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