USDCHF: Key Level Rejection, Fibonacci Retracement ExpectedPrice recently broke out of the daily (D) descending channel. It then pushed up to meet the daily (D) 50% Fibonacci retracement level, converging with resistance. Price then rejected this level and pushed down to retest support before breaking out of the four-hour (4H) downtrend line, suggesting strong bullish momentum. Price then pushed up and reached the daily (D) key level and converged with yet another 50% Fibonacci level. Price has proceeded to reject this level, highlighting temporary reversal and suggesting a possible retracement. I expect price to temporarily retrace to around the 38.2% level before continuing to the upside.
**Rationale:**
**Rationale:**
~ (L1): Breakout of channel (D)
~ (L2): Retest of support (D)
~ (L3): Break of trendline (4H)
~ (L4): Retest of support
~ (L5): Fib retracement convergence + Rejection
~ (F1): 38.3% Fib retracement
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
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#intraday
