FX.co ★ USDCHF Bullish Bounce | 4th Feb 2022

On the H4 timeframe, price is abiding to the daily ascending channel signifying an overall bullish momentum. We can expect the price to bounce from 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and previous swing high. Our bullish bias is further supported by the RSI indicator where it is at the support level.

Trading Recommendation

Entry: 0.91750

Reason for Entry:78.6% Fibonacci projection and 61.8% fibonacci retracement

Take Profit: : 0.93175

Reason for Take Profit: 61.8% Fibonacci projection and previous swing high

Stop Loss: 0.91420

Reason for Stop Loss:

100% Fibonacci projection and 78.6% Fibonacci retracement