Yesterday evening we saw price action print a doji at the completed -27.2% Fibonacci extension. This showed a D1 completion leg and lower low. The indecision at the D1 area highlighted the potential for price to show a retracement. This means that we can expect the USD/CHF pair to retrace back up to previous support turned resistance, as well as then look for price to show a rejection from the 0.98345 support turned resistance to form a lower high, and continue bearish for a new lower low.
Today we have seen price so far form a bullish bodied hammer characteristic candle stick with buying pressure. It would be best to stay out of the market and continue to watch this pair to see whether price forms a new lower high at the area of 0.98345.
Long term support is seen at 0.95, while long term resistance is seen at 1.0320.
Chart: USD/CHF D1
Great take on markets!
ReplyDeleteThe move to the upside will likely continue.
ReplyDeleteGood assessment, I'll keep those levels in mind.
ReplyDeleteStill trying to find its way.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteGood post.
ReplyDeleteIntersting article, thank you for sharing!
ReplyDeleteGood point.
ReplyDelete