Price movement on the dollar-franc is forming a bearish butterfly (if the next wave makes it that far). This pattern has been drawn up really early, but we'll see what happens. The D point is approaching a key MONTHLY support/resistance area; we all know monthly s/r is stronger than weekly or daily! I will post this as an update below. If price does reach my PRZ, I ill assess fundamental material to support the movement. I will look to take profit around the 1.00000 mark- as always, the stop loss will be adjusted accordingly to bulletproof the trade once price moves in my favour.
Butterfly ratios
Butterfly ratios
- B: 0.786
C: 0.382-0.886
D: 1.618-2.24
xD: 1.272
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Above you can see the weekly and monthly charts where price has danced around this level of support/resistance, I expect this bearish harmonic will be no different!
