FX.co ★ USDCHF testing descending trendline support. Further bounce incoming!

Price testing and reacting above descending trendline support and is within a larger descending wedge pattern. A short term bounce above 1st support at 0.92181 towards 1st resistance at 0.92670 could be possible.

Trading Recommendation

Entry: 0.92181

Reason for Entry:

Descending trendline support

Take Profit: 0.92670

Reason for Take Profit:

61% Fibonacci retracement

Stop Loss: 0.91898

Reason for Stop Loss:

-27.2% Fibonacci retracement