FX.co ★ USDCHF bullish momentum | 25nd Oct 2021

Price is seen to be reacting in a potential triangle. We can expect price to make a short-term bullish bounce from the 1st support in line with 61.8% Fibonacci retracement, towards the 1st Resistance in line with 127.2% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line bounces off the support level.

Trading Recommendation

Entry: 0.91510

Reason for Entry:

61.8% Fibonacci retracement

Take Profit: 0.92278

Reason for Take Profit:

127.2% Fibonacci projection and 38.2% Fibonacci retracement

Stop Loss: 0.91336

Reason for Stop Loss:

127.2& Fibonacci projection