USDCHF way down we go
This beautiful downtrend strenghtened its impulses when it approached the previous support just enough to punch through it. Having broken it and establishing a lower low, we can expect a further move down. Also, it appears that we are currently in the decline phase, having just escaped from a short distribution. I would consider a short position right here, right after checking with the lower timeframes first.
Note
Update: forgot to mention that only a retracement above 50% fibonacci (which I believe to be at around 61.8% in this case, from the last swing high down) may be taken in consideration for the correction to take place.
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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.