FX.co ★ USDCHF, Potential For Reversal | 8th March

On the H4 , price is trading on an ascending trendline and near 1st resistance level of 0.92833 in line with 127.2% Fibonacci projection . Price can potentially dip to the 1st support of 0.91501 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator as it is at resistance level. Alternatively, price can rally to the 2nd resistance level of 0.93361 in line with 127.2% Fibonacci projection.

Trading Recommendation

Entry: 0.92958

Reason for Entry: 61.8% Fibonacci retracement and 127.2% Fibonacci projection , graphical swing high

Take Profit: : 0.91501

Reason for Take Profit: 78.6% Fibonacci retracement , 100% Fibonacci projection, Graphical swing low

Stop Loss: 0.93361

Reason for Stop Loss:

Graphical overlap resistance