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10.05.2022 06:58 AM
USDCHF Potential For Bearish Dip | 10th May 2022

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On the H4, with price expected to reverse off the stochastics indicator resistance, we have a bearish bias that price will drop from our 1st resistance at 0.99411 where the Horizontal swing high resistance and 161.8% Fibonacci extension is to our 1st support at 0.98405 in line with the 50% Fibonacci retracement and horizontal pullback support which is closer to our ascending trendline. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.99935 where the 200% fibonacci over-extension is.

Trading Recommendation Entry: 0.99411Reason for Entry:Horizontal swing high resistance and 161.8% Fibonacci extensionTake Profit: 0.98405Reason for Take Profit:50% Fibonacci retracement and horizontal pullback support Stop Loss: 0.99935Reason for Stop Loss:

200% fibonacci extension

Dean Leo,
Analytical expert of InstaForex
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