FX.co ★ USDCHF short-term bearish drop | 22nd Dec 2021

On the H4 timeframe, we can expect price to drop from the 1st Resistance in line with 100% Fibonacci projection, 78.6% Fibonacci retracement and horizontal resistance towards 1st Support in line with 78.6% Fibonacci retracement, 100% Fibonacci projection and horizontal support. Our short-term bearish momentum is further supported by the stochastic indicator where the %K line dropped when it approached the resistance level.

Trading Recommendation

Entry:0.92689

Reason for Entry:100% Fibonacci projection, 78.6% Fibonacci retracement and horizontal resistance

Take Profit: :0.91912

Reason for Take Profit:

78.6% Fibonacci retracement, 100% FIbonacci projection and horizontal support

Stop Loss: 0.92915

Reason for Stop Loss:

127.2% Fibonacci projection