FX.co ★ USDCHF is facing bullish pressure! Potential for further upside!

Price is holding above the ascending trendline support and Ichimoku cloud, which shows bullish pressure in line with our bullish bias. A short term rise above 1st support at 0.88743, in line with our 78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support, towards 1st resistance at 0.89042, in line with our 50% Fibonacci extension and horizontal swing high resistance, could be expected.

Trading Recommendation

Entry: 0.88743

Reason for Entry:

78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support

Take Profit: 0.89042

Reason for Take Profit:

50% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.88611

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing low support