The chart above is USD/CHF Daily timeframe. As you can see price within this pair has been showing bearish market structure printing lower highs and lower lows. Most recent we have seen a lower low form at the 0.95500 area, which price since has been retracing to the upside.
Price has so far has retraced back to the 61.8% fibonacci extension level, where we have seen several spikes and rejections.
Price is trapped in a small ascending triangle which is squeezing price to eventurally show a break.
All 3 EMA's are bearish and price is also capped by the 20EMA. Over the next week, we will be looking for a break of the CTL (counter trendline) for a potential shorting opportunity down to the 0.94900 support which aligns with the - 27.2% fibonacci extension level.
This would create a new lower low following the bearish market structure.
ABCD FIBO formation.
Awaiting break of ctl.
Price has so far has retraced back to the 61.8% fibonacci extension level, where we have seen several spikes and rejections.
Price is trapped in a small ascending triangle which is squeezing price to eventurally show a break.
All 3 EMA's are bearish and price is also capped by the 20EMA. Over the next week, we will be looking for a break of the CTL (counter trendline) for a potential shorting opportunity down to the 0.94900 support which aligns with the - 27.2% fibonacci extension level.
This would create a new lower low following the bearish market structure.
ABCD FIBO formation.
Awaiting break of ctl.