USDCHF DAILY ANALYSIS

May 3, 2018

We can see price has recently broken out of a descending trend line, price looks to be retracing on its way to 0.786 fib level from the previous swing which is also at key resistance levels. We expect price to touch this area and continue to decline to follow the longer term trend. There is also a possibility of a false breakout of the structure due to the most recent USD strength and price to dip immediately before reaching our fib targets. We will be patient in looking for the correct entry when we understand where price will be heading and which levels it will be targetting.