FX.co ★ USDCHF Potential For Bearish Reversal | 14th April 2022

On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for bearish reversal from our 1st resistance at 0.93714 in line with 61.8% Fibonacci retracement towards our 1st support at 0.92879 which is in line with 50% Fibonacci retracement. Alternatively, price might break through the key resistance level and head towards the 2nd resistance level of 0.94304 which lines up with 78.6% Fibonacci projection and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.93714

Reason for Entry: 61.8% Fibonacci retracement.

Take Profit: : 0.92879

Reason for Take Profit: 50% Fibonacci retracement.

Stop Loss: 0.94304

Reason for Stop Loss:

78.6% Fibonacci projection and 127.2% Fibonacci extension.