After a double touch of the Fibo level 50-61.8, the price achieved to break the last resistance following the uptrend, giving us a perfect area to protect ourselves and place our stop loss.
Ratio risk reward -> 1:3
Let's see how it's developes.
Using trend lines, a clear bullish trend has been identified with strong support and resistance levels also being identified.
After a bullish week in USDCHF, prices have reached the resistance level.
The last candle was bearish indicating possible bearish momentum coming into the markets.
This could indicate a pullback to the support level.
When you are trying to determinate whether a market is trending or not, you have to use
bigger time frames such the 4H, the daily or the weekly time frame.
Lower time frame might trick you when it comes to determine the market