USD/CHF: a multi-timeframe view. Where are we headed next?
Today, we will examine USDCHF from a multi-timeframe perspective.
Firstly, looking at the WEEKLY-timeframe chart on the left-hand side of the screen, it can be observed that the price has nicely rejected the key region of resistance aligning with the 50% Fibonacci retracement level identified from the massive Weekly TF impulses.
Narrowing into lower-timeframe graphics, we may notice a preliminary triangle pattern that has been determined by connecting the recent highs and lows as portrayed on the chart. Furthermore, the upper boundary of the triangle nicely lines up with the 50% Fibonacci level of the recent impulse.
Hence, if the price manages to reach the entry zone we have highlighted on the graph (0.9085), we will look into entering short positions and aiming for the region of support pictured on the Weekly chart (0.886).
Firstly, looking at the WEEKLY-timeframe chart on the left-hand side of the screen, it can be observed that the price has nicely rejected the key region of resistance aligning with the 50% Fibonacci retracement level identified from the massive Weekly TF impulses.
Narrowing into lower-timeframe graphics, we may notice a preliminary triangle pattern that has been determined by connecting the recent highs and lows as portrayed on the chart. Furthermore, the upper boundary of the triangle nicely lines up with the 50% Fibonacci level of the recent impulse.
Hence, if the price manages to reach the entry zone we have highlighted on the graph (0.9085), we will look into entering short positions and aiming for the region of support pictured on the Weekly chart (0.886).
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