USD/CHF Daily: Moving towards Second Target and Broke Below 50% Fibonacci Level. Moving within a falling channel.
Forex Trading idea: Short positions below Ichimoku‘s lower band and Fibonacci ‘s 50% targeting 0.9070 and 0.89 in extension.
Technical reasons why: The USD/CHF confirmed the break below the Ichimoku cloud as well as 50% Fibonacci level which was our key pivot point and previous bearish target. After testing above 50% Fibonacci for the second time, the pair opened below both support levels signaling again, further drops towards 38% Fibonacci at 0.9070
Alternative Scenario: Above 0.95 with no bearish confirmation, look for up-moves towards 0.97
Where to set your stops and limits on the Daily Chart:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.9070 | 0.9500 | 0.97 |
| 0.8900 | 0.9286 | 1.009 |
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