Title
USDCHF H4 | Bouncing off 61.8%?
Type
Bullish Bounce
Preference:
The price is falling toward our pivot point of 0.89824, which serves as a pullback support level that aligns with the 61.8% Fibo retracement. A bounce from this point could lead the price to rise to the 1st resistance at 0.90948
Alternative scenario:
However, if the price breaks below the pivot, it might decline to the 1st support at 0.89091, a multi-swing low support 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.