USDCHF Analysis 12Oct2023

When there is a bullish trend in the market, there is a structure known as a "boss." Currently, the market is bearish, with the price penetrating the minor bearish area and heading towards the trendline. If the price manages to break through the trendline, it will confirm the two bearish trends. To find opportunities for long positions, you can draw a Fibonacci retracement and look for areas where the Fibo 0.5 and Fibo 0.236 levels intersect. These areas are quite interesting and can be used to search for long opportunities.