FX.co ★ USDCHF approaching 1st support, potential bounce!

Price is approaching 1st support, in line with 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support. We could see a bounce and further upside from here towards 1st resistance, in line with 78.6% Fibonacci extension and horizontal swing high resistance. Price is also holding above moving average support now, in line with our bullish bias.

Trading Recommendation

Entry: 0.92269

Reason for Entry:

38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support

Take Profit: 0.92747

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.92003

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support