Nov. 11th – USDCHF

There are many ways I can label the current corrective move in the Intraday chart, so for now I moved to the daily. We can see that the current correction has not reached the 38% level yet, so it is very well possible that we will see some more upward price action before (2) is in place. The 50 Daily SMA is around the same levels as the 38%, so this might be an area where we can expect the turn to happen. The 38% level also co-insides with an Annual Matrix level and these 3 combined might give the resistance to push prices down from that level.
For now, we wait for this to happen and then look for options to add to our trades, or enter this trade short.
In case you are wondering about the black arrows shown on the chart, I usually like to mark key reversal bars on the daily chart with these arrows.