Man.. There is a lot going on in this chart. Please excuse the mess everyone.
I've been monitoring the USDCHF for quite some time now, and we've almost reached our target zones. We're currently setting up for a nice long term trade than could easily come into our favor given that there are so many clues and indications that we could very well see a major drop in not only the Dollar Swissy, but the Dollar as a whole. Given some fundamentals and the correlation between Dollar Swissy and the Euro Dollar, we could see the Euro also rising substantially.
We're looking for the test of the 88.6% Fib drawn from X-A which just so happens to correlate into the Supply Zone established earlier this year in March. If this test is confirmed at 1.00012, we can take this pair all the way back down to our overall target of .94655 for 535.7 pips while risking only 104.5 pips. Patience will be the determining factor in this trade, along with concrete analysis and solid evidence for the next few weeks or so, but we also have the reassurance of a Bearish AB = CD Harmonic directly at the Supply Zone also.
Although this is shaping up to be a very nice looking trade, we still have nearly 300 pips to go before any of our target are touched. Make sure you are patient on this pair, and identify the swings correctly to ensure proper flow of the overall trend.
Take care
I've been monitoring the USDCHF for quite some time now, and we've almost reached our target zones. We're currently setting up for a nice long term trade than could easily come into our favor given that there are so many clues and indications that we could very well see a major drop in not only the Dollar Swissy, but the Dollar as a whole. Given some fundamentals and the correlation between Dollar Swissy and the Euro Dollar, we could see the Euro also rising substantially.
We're looking for the test of the 88.6% Fib drawn from X-A which just so happens to correlate into the Supply Zone established earlier this year in March. If this test is confirmed at 1.00012, we can take this pair all the way back down to our overall target of .94655 for 535.7 pips while risking only 104.5 pips. Patience will be the determining factor in this trade, along with concrete analysis and solid evidence for the next few weeks or so, but we also have the reassurance of a Bearish AB = CD Harmonic directly at the Supply Zone also.
Although this is shaping up to be a very nice looking trade, we still have nearly 300 pips to go before any of our target are touched. Make sure you are patient on this pair, and identify the swings correctly to ensure proper flow of the overall trend.
Take care
