FX.co ★ USDCHF bearish continuation | 27th aug 2021

On the H4, price is seen to have moved down and touched the previous 1st support. Price has reached the previous high, price is likely to push back up to the resistance level in line with the daily resistance. Our bias for the short term is bullish as the Stochastic indicator shows that the K% line bounced off the strong support line showing a potential bullish movement.

Trading Recommendation

Entry: 0.90757

Reason for Entry: 76.4% Fibonacci retracement and 78.6% Fibonacci extension

Take Profit: 0.92676

Reason for Take Profit: Daily resistance

Stop Loss: 0.90475

Reason for Stop Loss: 100% Fibonacci extension.