FX.co ★ USDCHF Potential For Bullish Bounce | 7th April 2022

On the H4, with price moving above the Ichimoku cloud and the recent break of the channel, we have a bias that price will rise to our 1st resistance at 0.93696 in line with the 61.8% Fibonacci retracement from our 1st support at 0.93001 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 0.92270 in line with the pullback support.

Trading Recommendation

Entry: 0.93001

Reason for Entry: Horizontal pullback support

Take Profit: : 0.93696

Reason for Take Profit: Horizontal swing high resistance and 61.8% Fibonacci retracement

Stop Loss: 0.92270

Reason for Stop Loss:

Horizontal overlap support and 127.2% Fibonacci extension