FX.co ★ USDCHF Potential For Bullish Bounce | 5th April 2022

On the H4, with price expected to bounce off the support of the stochastics indicator, we have a bias that price will rise to our 1st resistance at 0.93001 in line with the 50% Fibonacci retracement from our 1st support at 0.92270 in line with the horizontal overlap support and 127.2% Fibonacci extension. Alternatively, price may break 1st support structure and head for 2nd support at 0.91630 in line with the swing low support.

Trading Recommendation

Entry: 0.93001

Reason for Entry: Horizontal pullback resistance and 50% Fibonacci retracement

Take Profit: : 0.92270

Reason for Take Profit: Horizontal overlap support and 127.2% Fibonacci extension

Stop Loss: 0.91630

Reason for Stop Loss:

Horizontal swing low support