#USDCHF possible bullish scenario
Updated
Price is currently testing the lower boundary of a daily bearish channel, the 1 FIB extension level, and a long-term support area. This supportive cluster could potentially lead to the formation of a low around this price level.
On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.
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On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
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Price is breaking below a bearish channel line and as a result failing the analysisNote
The fact that yesterday, after a break below the channel, the price retraced and formed a bullish hammer candlestick pattern near a very important support could potentially mean that the bearish breakout was a false breakout and adds to the possibility of a bullish move.Also for more conservative scenario you can wait for a possible bullish breakout of this short term bearish trendline.
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Seems like price finally is breaking above this short term bearish trendline and as a result we might see a bullish follow-trough.
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Price is finally breaking above a range area as a result of high impact news release and now we can expect price to begin its bullish move.
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a very nice pullback to the broken short term bearish trendline. if price holds above this trendline we can expect price to rise even further.
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