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USDCHF bullish bounce| 4th Oct 2021

analytics615a93a317999.jpg

Price, which has been respecting the trend line multiple times, suggests that the pair will continue to be bullish with higher highs and higher lows. We can expect a continuation of bullish momentum with price to bounce back at the 1st support at 0.92910 in line with 50% Fibonacci retracement towards the 1st resistance at 0.93684 in line with 127.2% Fibonacci level. Our bullish bias is further supported by the ichimoku indicator where price is moving above the bullish cloud.

Trading Recommendation

Entry:0.92910

Reason for Entry:

50% Fibonacci Retracement and graphical support

Take Profit: 0.93684

Reason for Take Profit:

127.2% Fibonacci Retracement and graphical resistance

Stop Loss:0.92521

Reason for Stop Loss:

78.6% Fibonacci Retracement and graphical resistance

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