USDCHF is looking great for a sell. We have broken out of the ascednding channel after rejecting a key resistance level. We have now retraced right into the golden fibonnaci pocket. Once we break the corrective pattern i will be looking to go short!
- Pennant chart pattern formed indicating a bullish continuation of trend.
- Wait for confirmation candle
- On the W1 timeframe price is respecting the 61.8% level
- H1 timeframe is showing an uptrend and price retraced within the pennant.
- We are looking for price to break outside of the pennant and retest it before entering the trade
Potential continuation of a long order.
Wait for confirmation candle.
Price has been in a consolidation state holding between support and resistance level.
Bullish candle around resistance level, wait for price to test and retest the resistance level before entering the trade.