FX.co ★ USDCHF facing bearish pressure, drop incoming!

Price is facing bearish pressure as it holds under 1st resistance at 0.92810 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension. Price may bearish from 1st resistance at 0.92810 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension towards the 1st support at 0.92413 in line with 61.8% Fibonacci retracement and 127% Fibonacci extension. Our bearish view is further supported by price holding below the EMA and MACD is shown to be holding below the 0 line. Otherwise price may continue to bullish towards 2nd resistance at 0.93083 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 0.92810

Reason for Entry:

23.6% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 0.92413

Reason for Take Profit:

61.8% Fibonacci retracement and 127% Fibonacci extension

Stop Loss: 0.93083

Reason for Stop Loss:

61.8% Fibonacci retracement and 61.8% Fibonacci extension.