USDCHF had strong bearish movement the past few days . Price found itself in a consolidation rectangle . The formation of a bearish flag is also a great possibility , conservative traders would wait to seek extra conformation when entering the long trade.
The consolidation rectangle had been broken and retested at the 0.236 Fib level as well as the resistance top of the rectangle will possible turn in a support level.
Stop loss orders could be placed in the middle of the rectangle and the possible take profit order could be placed at the 0.618 Fib level .
The consolidation rectangle had been broken and retested at the 0.236 Fib level as well as the resistance top of the rectangle will possible turn in a support level.
Stop loss orders could be placed in the middle of the rectangle and the possible take profit order could be placed at the 0.618 Fib level .