FX.co ★ USDCHF Potential Bearish Breakout | 24th Dec 2021

On the H4 timeframe, price broke out of the ascending trendline support, signifying potential bearish momentum. We can expect price to drop from 1st Resistance in line with 23.6% Fibonacci retracement and graphical overlap resistance towards 1st Support in line with graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance,

Trading Recommendation

Entry: 0.91899

Reason for Entry:23.6% fibonacci retracement and graphical overlap resistance

Take Profit: :0.91559

Reason for Take Profit:

graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension

Stop Loss: 0.92152

Reason for Stop Loss:

61.8% Fibonacci projection and 50% Fibonacci retracement