USDCHF POISED TO INVITE BEARS

USD bulls have struggled to push past 0.8785 for the whole month, the level has numerous confluence factors, below is a descriptive list of these factors;

1. 0.8775 is around the proximity of the August open. Since the beginning of the month, price has made more lows than it has made highs off this level.

2. A pitchfork (depicting slope) drawn off the June-open (high), June-low (low) and June close (high); signals that a slope that is 1.5 deviations away from the median line (purple dotted line) of these reference points is coming into play.

3. Using the same reference point from point number 2 above, to draw a Fibonacci expansion, we can see that price broke the level 1 and 1.618 expansion during the month of July. Usually, when these Fib expansion levels break, they tend to serve as pivots for price.

4. A basic Fibonacci retracement drawn off the June-July decline, illustrates that USD bulls have failed to push this pair past 38.2%, which also lines up with the level 1 Fib expansion mentioned above.

These factors help to build a valid premises for a good swing traders.

GOOD LUCK!!!