FX.co ★ USDCHF testing ascending trendline support, potential for a bounce!

Price is testing our ascending trendline support and 1st support, in line with our horizontal overlap support and 61.8% Fibonacci retracement level. We could potentially see a further rise up from this level towards our 1st resistance level, in line with our 61.8% Fibonacci extension, 76.4% Fibonacci retracement and horizontal swing high resistance. Stochastics has also just bounced from the support level at 11.73% where it has reacted from previously, showing bullish momentum in line with our bullish bias.

Trading Recommendation

Entry: 0.88624

Reason for Entry:

61.8% Fibonacci retracement and horizontal overlap support

Take Profit: 0.88961

Reason for Take Profit:

61.8% Fibonacci extension, 76.4% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 0.88427

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support