FX.co ★ USDCHF Potential For Bearish Dip | 11th May 2022

On the H4, with price expected to reverse off the stochastics indicator resistance, we have a bearish bias that price will drop from our 1st resistance at 0.99935 where the 200% Fibonacci extension is to our 1st support at 0.98405 in line with the 50% Fibonacci retracement and horizontal pullback support which is closer to our ascending trendline. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.00598 where the 61.8% fibonacci projection is.

Trading Recommendation Entry: 0.99935Reason for Entry:200% Fibonacci extensionTake Profit: 0.98405Reason for Take Profit:50% Fibonacci retracement and horizontal pullback support Stop Loss: 1.00598Reason for Stop Loss:61.8% fibonacci projection