FX.co ★ USDCHF facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from pullback resistance which is in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push down towards 1st support, in line with 78.6% FIbonacci extension and -27.2% Fibonacci retracement fibonacci confluence area. If prices push up further, prices might face resistance from 2nd resistance in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement. The Ichimoku cloud is above prices, showing a bearish pressure on prices.

Trading Recommendation

Entry: 0.92681

Reason for Entry:

Horizontal pullback support, 100% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 0.92193

Reason for Take Profit:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 0.92888

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci extension, 78.6% Fibonacci retracement