Title
USDCHF H4 | Bearish Breakout?
Type
Bearish Drop
Preference:
The price is approaching the pivot level of 0.8805, swing-low support. A bearish breakout from this level could cause the price to fall to 1st support at 0.8764, a pullback support close to 161.8% Fibonacci extension
Alternative Scenario:
If the price bounces off the pivot, it may rise to 1st resistance at 0.88524, a pullback resistance
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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.