USDCHF is holding below descending trendline resistance and 1st resistance at 0.92736 in line with 50% Fibonacci retracement and 23.6% Fibonacci extension. A further push down towards 1st support at 0.92161 in line Horizontal swing low and 61.8% Fibonacci extension may be expected. Our bearish is further supported by how Stochastic is reacting below resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 0.92919 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 0.92736
Reason for Entry:
50% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 0.92161
Reason for Take Profit:
Horizontal swing low and 61.8% Fibonacci extension
Stop Loss: 0.92919
Reason for Stop Loss:
61.8% Fibonacci retracement and 61.8% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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