FX.co ★ USDCHF, Potential For Bullish rise | 23rd June 2022

Description :On the H4, with the price expected to bounce off the RSI indicator, we have a bearish bias that price will rise from our 1st support at 0.95475 where the horizontal swing low support and 100% Fibonacci projection is to our 1st resistance at 0.97148 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support at 0.94114 where the 127.2% Fibonacci extension is.

Trading Recommendation

Entry: 0.95475 Reason for Entry: Horizontal swing low support and 100% Fibonacci projection

Take Profit: 0.97148Reason for Take Profit:Horizontal swing high resistance

Stop Loss: 0.94114Reason for Stop Loss:127.2% Fibonacci extension