USDCHF: Key Level Rejection, Retracement Expected

Jun 30, 2024

Price recently broke out of the daily (D) descending channel. It then pushed up to meet the daily (D) 50% Fibonacci retracement level, converging with resistance. Price then rejected this level and pushed down to retest support before breaking out of the four-hour (4H) downtrend line. Price then pushed up and reached the daily (D) key level and converged with yet another 50% Fibonacci level. Price seems to be rejecting this level, highlighting temporary reversal and suggesting a possible retracement. I expect price to temporarily retrace to around the 38.2% level before continuing to the upside.

**Rationale:**

~ Breakout of Channel (D)
~ Retest of Support (D)
~ Break of Trendline
~ Retest of Support
~ Rejection Candlesticks
~ Break of Nested Trendline
~ 38.2% Fibonacci Retracement

**Disclaimer:**

My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.

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#scalping
#intraday

Jul 9, 2024

Trade closed: target reached

Price push up a little further than expected.