FX.co ★ USDCHF Potential For Bearish Continuation | 18th August 2022

On the H4, with prices moving below the ichimoku cloud and along the descending trend, we are bearish bias that the price will continue with the bearish momentum. Price is now testing at the 61.8%% Fibonacci retracement and it may rise to test the first resistance at 0.9542 again. If bearish momentum continues, it should pull back to test at the intermediate support at 0.9468 where the previous swing low is then the first support at 0.9369 where the 61.8% projection and 127.2% extension sits

Trading Recommendation

Entry: 0.9542

Reason for Entry:

Pull back sell entry and 61.8% retracement

Take Profit: 0.9369

Reason for Take Profit:Swing low support and 61.8% projection

Stop Loss: 0.9656

Reason for Stop Loss:

Previous swing highs