FX.co ★ USDCHF potential bearish drop | 10th Nov 2021

On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement towards 1st resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator %K line where it touched the support.

Trading Recommendation

Entry: 0.90909

Reason for Entry:78.6% Fibonacci projection and 78.6% Fibonacci retracement

Take Profit: 0.91690

Reason for Take Profit:78.6 % Fibonacci projection

Stop Loss: 0.90745

Reason for Stop Loss:

100% FIbonacci projection