FX.co ★ USDCHF approaching 1st resistance, potential for reversal

Prices are approaching 1st resistance in line with horizontal swing high resistance in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push down towards horizontal pullback support in line with 61.8% Fibonacci retracement . If prices continue to push up, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement . Stochastics is also approaching 81.61 resistance level , potential for reversal.

Trading Recommendation

Entry: 0.91996

Reason for Entry:

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

Take Profit: 0.90913

Reason for Take Profit:

Horizontal pullback support, 61.8% Fibonacci retracement

Stop Loss: 0.92388

Reason for Stop Loss:

Horizontal swing high resistance, 127.2% Fibonacci retracement, 161.8% FIbonacci extension