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USDCHF is facing bullish pressure from ascending trend line support. Prices might take support from 1st support which coincides with 50% Fibonacci retracement and bounce towards 1st resistance which is in line with 61.8% fibonacci extension and -68% fibonacci retracement fibonacci confluence area. If prices fall through 1st support, prices might take support on 2nd support which coincides with 50% fibonacci retracement and 78.6% fibonacci extension. Prices is also above EMA, giving prices a bullish pressure as well.

Trading Recommendation

Entry: 0.92984

Reason for Entry:

Horizontal pullback support, 50% fibonacci retracement

Take Profit: 0.93309

Reason for Take Profit:

61.8% fibonacci extension, -68% fibonacci retracement

Stop Loss: 0.92784

Reason for Stop Loss:

Horizontal swing low support, 78.6% fibonacci extension, 50% fibonacci retracement

The material has been provided by InstaForex Company – www.instaforex.com

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