FX.co ★ USDCHF short-term bullish bounce | 1st Dec 2021

On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with 127.2 % Fibonacci projection and 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku Cloud.

Trading Recommendation

Entry:0.92274

Reason for Entry:

127.2 % Fibonacci projection and 61.8% Fibonacci retracement

Take Profit: 0.91733

Reason for Take Profit:

61.8% Fibonacci projection and 78.6% Fibonacci retracement

Stop Loss: 0.92479

Reason for Stop Loss:

78.6% Fibonacci retracement