FX.co ★ USDCHF bearish continuation | 28th Oct 2021

Price is reacting below our 1st resistance level at 0.91888 which is in line with 61.8% Fibonacci extension and horizontal swing low support. Price can potentially take support at 0.91526, which is in line with 38.2% Fibonacci retracement and horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 0.92142, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Trading Recommendation

Entry: 0.91888

Reason for Entry:

61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.91526

Reason for Take Profit:

38.2% Fibonacci retracement and horizontal swing low support

Stop Loss:0.92142

Reason for Stop Loss:

Horizontal swing high resistance