In this article, we are drawing Pitchfork channels on USDCHF
On the monthly USDCHF chart, we can see that the pair is bouncing near the Pitchfork uptrend channel upside support line 0.9500 level. this bounce is coming after the previous weakness months and we will count it as a correction as long as the pair is below 1.0000 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new clear downtrend Pitchfork channel that could lead to a test of the half of the upper Pitchfork channel line 0.9600 level. You can enter a good risk to reward short trade entry with the stop loss above the 1.000 level, targeting 0.9600 and 0.9400 level lower. Invalidation of the downside swing will come only on a daily close above the 1.0000 level.
Happy trading! (click on the chart to enlarge it)
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