FX.co ★ USDCHF Potential For Bounce | 3rd March

On the H4, price is abiding by an ascending trendline and near 1st support level of 0.91663 in line with 78.6% Fibonacci projection. Price can potentially bounce to the 1st resistance level of 0.92251 in line with 50% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is at the support level. Alternatively, price dipped to the 2nd support level of 0.91434 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 0.91663

Reason for Entry: 78.6% Fibonacci projection, graphical swing low

Take Profit: : 0.92251

Reason for Take Profit: 50% Fibonacci retracement , 100% Fibonacci projection, Graphical overlap resistance

Stop Loss: 0.91434

Reason for Stop Loss:

100% Fibonacci projection, 78.6% Fibonacci retracement