NZD/CHF Could we see a small retracement equal to 150pips?
The price looks like it could easily make a retracement according to the Monthly chart of at least 150 pips
In Monthly:
The price is currently in demand zone. We could see a rejection of this demand. If we want to measure the possible retracement all we have to do is take the fibonacci from high to low of the current impulse. Doing so we can clearly see that the .5 fibonacci level is in good confluence with previous structure. We could expect a retracement at least to the .50
In weekly
The price is over extended. When price is over extended we could expect a correction. To measure the correction we have to use the fibonacci in the current impulse. The .618( golden level) is in confluence with the weekly structure as well monthly structure.
In Daily
The price have created an inverted head and shoulder which means a possible reversal of price action.
In Monthly:
The price is currently in demand zone. We could see a rejection of this demand. If we want to measure the possible retracement all we have to do is take the fibonacci from high to low of the current impulse. Doing so we can clearly see that the .5 fibonacci level is in good confluence with previous structure. We could expect a retracement at least to the .50
In weekly
The price is over extended. When price is over extended we could expect a correction. To measure the correction we have to use the fibonacci in the current impulse. The .618( golden level) is in confluence with the weekly structure as well monthly structure.
In Daily
The price have created an inverted head and shoulder which means a possible reversal of price action.
Wiiso