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Dailychart

USD/CHF Daily Chart Analysis: Current Market Breakdown and TLsIn this analysis we're taking on the Dollar-Swissy (USD/CHF) on a Daily basis. It's the same chart already posted but on a zoom-in and with all the clutter trimmed-down to the essential and deleted. If you give it a zoom-out and jump to the Monthly, you'll see the long-term fibonacci lines, with the 1 at 0.78710 (1 Jul '11 M candle close) and the 0 at 1.02884 (1 Nov '15 M candle close). Support and resistance (red & green) lines have been added 20 pips of difference above and below the two fibonacci levels currently serving as support and resistance. The current D candle's (29 Jan '21) High/Low have been projected into a blue rectangle for reference on upcoming price action. An orange structure has been drawn, with an upper resistance and a bullish trendline building up on it from below. As for trading, a long will be confirmed when the structure upper resistance is broken upwards from below, retested from above, then the fibonacci level resistance is broken as well and retested. Until then, no long position will have a higher probability rate. Aggressive traders may be interested in opening a position long at market open, with a stop loss just below the anchor point of the structure bullish trendline at 0.88497 (22 Jan '21 D candle close). As of now, the market seems to be providing to us an inverted head and shoulders on the Daily, which is worthy of notice for positioning, though caution is advised because an 'M' formation could easily get the price all the way down to the current support line at 0.87744. If you guys enjoyed this analysis, please give it a thumbs up and comment your ideas on the comments section below! :)
Long
by acsedward