Title
USDCHF H1 I Bearish Reversal
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at the pivot level at 0.8257, a pullback resistance that aligns with the 38.2% Fibonacci retracement. This rejection suggests the price could decline toward the 1st support at 0.8216, which represents an overlap support level.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 0.8298, a pullback resistance level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.