FX.co ★ USDCHF testing 1st support, potential for a bounce!

Price is testing 1st support, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support. We could see a bounce and further upside towards 1st resistance, in line with 61.8% Fibonacci retracement and horizontal swing high resistance. Stochastics is also approaching the lower 15.19 support where we could see a bounce, showing signs of bullish pressure as well.

Trading Recommendation

Entry: 0.89754

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support

Take Profit: 0.90245

Reason for Take Profit:

61.8% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 0.89472

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal swing low support