empty
 
 
11.05.2022 07:10 AM
USDCHF Potential For Bearish Dip | 11th May 2022

This image is no longer relevant

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 0.99935 where the 200% 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 1.00598 where the 61.8% fibonacci projection is.

Trading Recommendation Entry: 0.99935Reason for Entry:200% Fibonacci extensionTake Profit: 0.98405Reason for Take Profit:50% Fibonacci retracement and horizontal pullback support Stop Loss: 1.00598Reason for Stop Loss:61.8% fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback