Title
USDCHF H4 | Bounce off Fibo confluence
Type
Bullish Bounce
Preference:
Price has just bounced off from our pivot point of 0.89806 which aligns with a 50% and 78.6% Fibo retracement. A bounce off from here, price could rally to 1st resistance at 0.90981 which is a swing high resistance level.
Alternative scenario:
However, if it breaks below the pivot, it could fall to 1st support at 0.8897
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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.