This will most likely be a long term holding for myself, perhaps up to a couple of weeks.
We can see a strong ascending channel was formed which lasted just under 3 months. Now this has been broken I see a fall to the strong support zone.
On this chart a strong trend line to the downside can be seen and proved by the continuous lower lows and lower highs. This is in confluence with the 78 Fibonacci level. This trade meets all my criteria to enter if the price can reach the 1.13640 level. This is where I currently have an order set to sell.
Took a USDCHF long with a an R:R of 2.1
My reasoning for this trade was the strong rejection of the 78.2 Fibonacci retracement level, as well as the pivot line adjacent with it. To me this shows a possible 1.2.3 move with a the push to the downside now ending resulting in a higher high being formed.
