The USDCHF pair is setting up for a possible bullish continuation as it gears up for a potential wave (5) rally on the 45-minute chart. After completing wave (4), the pair is retracing towards key Fibonacci levels, which could provide strong support and an entry point for a long position.
Key levels to watch:
0.86204 (43.5% Fibonacci retracement of wave (4))
0.86066 (50% Fibonacci retracement of wave (4))
0.85817 (61.8% Fibonacci retracement of wave (4))
Targets for wave (5):
0.87600 (100% Fibonacci extension)
0.88463 (161.8% Fibonacci extension)
These levels are crucial as the pair might bounce off from these supports, leading to a continuation of the upward trend. Keep an eye on these areas for a potential bullish reversal and a strong wave (5) push. Always apply appropriate risk management and confirm with additional indicators before entering the trade. Happy trading!
Key levels to watch:
0.86204 (43.5% Fibonacci retracement of wave (4))
0.86066 (50% Fibonacci retracement of wave (4))
0.85817 (61.8% Fibonacci retracement of wave (4))
Targets for wave (5):
0.87600 (100% Fibonacci extension)
0.88463 (161.8% Fibonacci extension)
These levels are crucial as the pair might bounce off from these supports, leading to a continuation of the upward trend. Keep an eye on these areas for a potential bullish reversal and a strong wave (5) push. Always apply appropriate risk management and confirm with additional indicators before entering the trade. Happy trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.