FX.co ★ USDCHF holding below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a drop below 1st resistance at 0.88947 towards 1st support at 0.88829 could be expected.

Trading Recommendation

Entry: 0.88947

Reason for Entry:

38.2% Fibonacci retracement, descending trendline resistance

Take Profit: 0.88829

Reason for Take Profit:

-27.20% Fibonacci retracement

Stop Loss: 0.89040

Reason for Stop Loss:

Recent swing high