FX.co ★ USDCHF bearish continuation | 12th Oct 2021

On the H4, price is seen to be reacting above the ascending trendline and price is right now in the middle of the 1st Resistance and 1st Support. We can expect the price to bounce from the 1st Support in line with 100% Fibonacci Projection and previous swing low towards the 1st Resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci projection, if price passes through the intermediate resistance.

Trading Recommendation

Entry: 0.92548

Reason for Entry:

100% Fibonacci Projection

Take Profit: 0.93098

Reason for Take Profit:

100% Fibonacci projection and 61.8% Fibonacci Retracement

Stop Loss: 0.92242

Reason for Stop Loss:

161.8% Fibonacci projection