USDCHF Fib analysis

4 בנוב׳ 2014

Also notice double top candlestick pattern, signals potential trend reversal to the downside. The Relative Strength Index has moved below 50, indicating the market is not oversold yet and that a downward trend is forming. The price action has retraced further than the 23.6% Fib level from the high posted on 02/11/2014. The price should retrace further to the 50% Fib level at 0.95246.

If this level is broken through, this will act as strong confirmation of a trend change and formation of a downward trend.