On USDCHF Daily view, we do not have any possible setup yet. This one is similar to the DXY so we will wait to see what is the future of the US Dollar. Here's a possible scenario, but price can dive inside the support zone for the upcoming week. We can wait until a double bottom can form meaning that the support is rejecting this one.
Major resistance around the 1.5745 area with previous signs of rejections around that price region exhibiting that, also 78.6% fib rejection adds further confluence to that bias.
risk/reward ratio 1:2
signs of candlestick rejections around the confluent line pointed out, where we have price respecting the 61.8% fib level as a complete formation to the lower high showing signs of exhaustion, the price could reverse and find new attractions towards lower price points.
risk/reward ratio 1:1.6
price has retraced into a confluence region where could be viewed as a new lower high. We could expect further bearish pressure around this region.
risk/reward is tight
candlestick rejections around a key fib region of 78.6% could express a new leg into the highs.
Still trading with respect to the market trend.
risk/reward is good
ah sorry, I wasn't impulsive enough to give my perspective on this trade setup, but we've had a sudden move to the upside, however, we rejected a key long term trendline as our 3rd drive, also 4HR candle spiked and closed below 53.00 as a shooting star, ideally if we could get further spikes into the highlighted region we could enter for short trades to the...
