Price action here suggests further downside is to come here. Typically when we see strong continuation moves the retracement is shallow with small range candles. This is showing a lack of buyers at this point in this example on USDCHF.
The 10 and 20 EMA have also crossed bearish adding to our confluence of further downside to come.
If the market does want to test a key area of resistance, the Fibonacci retracement tool has highlighted a short-term resistance level which the market could re-test before continuing lower.
The 10 and 20 EMA have also crossed bearish adding to our confluence of further downside to come.
If the market does want to test a key area of resistance, the Fibonacci retracement tool has highlighted a short-term resistance level which the market could re-test before continuing lower.