The USDCHF pair made a strong rejection near the top of the Channel Down pattern and hit our 0.88250 sell target as illustrated on our analysis 2 months ago (see chart below):
The price is now rising again, after nearly the -0.5 Fibonacci extension for a Lower Low (same as the May 04 Lower Low). The most optimal sell entry is within the 1D MA50 (blue trend-line) and the 0.618 Fibonacci retracement level. That is located exactly at the top of the Channel Down. We will take that opportunity to sell and target 0.8300 (again near the -0.5 Fibonacci extension).
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The price is now rising again, after nearly the -0.5 Fibonacci extension for a Lower Low (same as the May 04 Lower Low). The most optimal sell entry is within the 1D MA50 (blue trend-line) and the 0.618 Fibonacci retracement level. That is located exactly at the top of the Channel Down. We will take that opportunity to sell and target 0.8300 (again near the -0.5 Fibonacci extension).
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** Please LIKE π, FOLLOW β , SHARE π and COMMENT β if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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