I put in the harmonics to give a clear picture of the price action. Even if it is incorrect; the strong push upward is due for a retracement, and what better place than at a recent top. A close stop is warranted since a powerful breakout is likely if we do breach that top. This is a long term trade so I will zoom in for a closer look to get more accurate positioning.
After experiencing a sharp rally, which was driven mainly by the weakness of the Euro in the face of more easing promised by Mario Draghi and the hawkish FOMC statement on 28th October, this pair has reached an area wherein some stiff resistance is expected. In the zone we've shown on the chart we have: - Top areas of two big channels - PRZ of a huge bearish Bat...
After the extreme rally that we saw in the USD following the FOMC minutes, a slight retracement should be anticipated. We appear to be seeing it here with this wedge breakout on the downside. Note the large vacuum area between now and yesterday. The Fibonacci's give us some nice intermediate profit targets.
hello i am just a newbie and i just did an analyse on the USD/CHF
Technical setup is bearish on this pair, however the prospect for the USD is one of strengthening so I would recomend waiting for a couple of confirmation candles. I think the price will struggle at this level for a couple of days.
tracks fibonacci impulsive wave 5
AB=CD in the making with completion at the supply above. targeting , 382 and 50 percent fib retracement levels because of previous structure could also go as far as the 61.8 level cheers
hello friends, my opinion USDCHF could potentially be rising wedges. if the break in the price of 0.9700. then the price will potentially move to the 0.9600.
Anticipate for Price Breakout. Buy above : 0.96985 Sell below : 0.96900
Hoping for price breakout. Buy above : 0.97810 Sell below : 0.97705
Read text written in the chart.
Read the text written in the chart .