USDCHF has been in a bearish trend since last year. It hit a very strong structural support at 0.94767 and went up to 0.98014 which is both very important structure based on past data and also 0.382 Fib level of retracement.
It is currently following its decline which has resulted from this 0.3 Fib and past structure. Potentially it might test red support lines or the bottom green line which is important past structure.
Expectations of breaking that support barrier and setting new lows. If not, it will retrace again for a while before retesting again. However, market has been bullish for half a year so it is likely that it will continue.
Keep in mind structure and Fib levels. Wait for perfect entries and clear signs after retesting support again.
SHORT WITH LIKELIHOOD OF SOME RETRACEMENT BEFOREHAND.
It is currently following its decline which has resulted from this 0.3 Fib and past structure. Potentially it might test red support lines or the bottom green line which is important past structure.
Expectations of breaking that support barrier and setting new lows. If not, it will retrace again for a while before retesting again. However, market has been bullish for half a year so it is likely that it will continue.
Keep in mind structure and Fib levels. Wait for perfect entries and clear signs after retesting support again.
SHORT WITH LIKELIHOOD OF SOME RETRACEMENT BEFOREHAND.