Let's see where this retests (thinking it will retest near the 23.6% area as it has done before.
I'll wait this one out to see how it responds to Fib levels it tested in the past. Otherwise, bearish trend looks like a continuation and trend seems clear.
Looks like price is becoming relatively consolidated here. Given the longer term downtrend going on here on this chart, this rectangle looks like a continuation and I'm looking to catch pips on the downside.
Although there is a symmetrical triangle on the 1 hour chart, a support level is forming at the 1.11942-1.11705 zone. This and an Elliott corrective pattern (onwards to B leg) support my long position for the short run.
USD/CHF Update: Price target set at 0.95089
Seems to have broken through two levels and downtrend does not seem like it's over. Waiting for a target at .95072, where I will reverse my short position anticipating a new uptrend.
Looks like a strong resistance zone near current price, and candles that broke this resistance had to have been quite strong (Marubozu-like or long real body). Potential to be very profitable. Personally (NOT trading advice) shorting one lot at specified zone, if bounce is evident and no break is likely.
Upper channel of Bollinger Bands, Bearish wedge
Upper channel resistance and bullish wedge indicate some kind of reversal on a 1m scale.
Bearish wedge and lower channel support indicates a possible reversal.
Symmetrical triangle and channel breakouts indicate possible long entry here.
Upcoming FDA decision and Fib retracement
Consolidation still in effect, price action indicates bullish
RSI over bought, MACD shows little divergence, Aroon shows volatile (unreliable indicator in this case), little downside (broke support).
Aroon to crossover, RSI overbought, Cloud lowers increasing chances for bullish crossover of price action. Bollinger Bands haven't consolidated, but the end of this trend is impending.
Revised: Bollinger Bands show increasing volatility after the end of consolidation period, indicated likely shift in trend. MACD shows some divergence; Aroon - Down at 100, likely to make reversal/crossover in the weeks to come.
Until we get some strong growth/rev from the oil sector, we won't be seeing anything much in terms of bullish outlook. MACD bearish crossover, BB indicates consolidation phase being exited and downtrend is likely.