USD/CHF shows some geometrics – Chance for further declines

٢٥ مايو ٢٠١٧

USD/CHF broke below important support level around 0.9853 (Fibo + this year lows) which was tested couple of times (arrows). Although the breakout was quite dynamic and we didn’t see a re-test, next trading opportunity may materialize in the next sessions. It looks like that USD/CHF found a new base near 78,6% Fibo (0.9729) – just take a look at the long lower wicks (fake breakouts). Currently they are two scenarios:
• Upward correction and re-test of the previous support at 0.9853 – then short position
• Breaking current base, re-testing it from below and move to the lower bound of geometrical measured zone (that intersects with the November’s lows) near 0.9550.