FX.co ★ USDCHF Potential For Bounce | 7th March

On the H4, price is abiding by an ascending trendline and near 1st support level of 0.91501 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Price can potentially go to the 1st resistance level of 0.92833 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bullish bias is supported by stochastic as it is near the support level . Alternatively, Price can potentially dip to the 2nd support level of 0.91104 which is also the graphical swing low level.

Trading Recommendation

Entry: 0.91501

Reason for Entry: 78.6% Fibonacci retracement and 100% Fibonacci projection , graphical swing low

Take Profit: : 0.92833

Reason for Take Profit: 61.8% Fibonacci retracement , 127.2% Fibonacci projection, Graphical overlap resistance

Stop Loss: 0.91104

Reason for Stop Loss:

Graphical swing low