USDCHF SHORT OPPORTUNITY
USDCHF on the monthly time frame so looking at the overall bias for this pair.
As you can see there is a bearish trend line that started in 2003 and price still seems to still be failing to break through, also ever since 2012 you can see price has failed to reach above 0.618 fib level.
March's candle broke both above the trend line and fib level but failed to break through and closed on a shooting star, which then April's candles closed on a marubozu candle, these two candles are very bearish candles.
Looking for a clean break of counter trend line this month.
First target will be around the level off 0.9050 for anyone who wants to know.
Correlation with possible reversal for eurusd, as the pairs have around 95% negative correlation.
As you can see there is a bearish trend line that started in 2003 and price still seems to still be failing to break through, also ever since 2012 you can see price has failed to reach above 0.618 fib level.
March's candle broke both above the trend line and fib level but failed to break through and closed on a shooting star, which then April's candles closed on a marubozu candle, these two candles are very bearish candles.
Looking for a clean break of counter trend line this month.
First target will be around the level off 0.9050 for anyone who wants to know.
Correlation with possible reversal for eurusd, as the pairs have around 95% negative correlation.
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