USDCHF holding above ascending trendline support! Further bounce incoming!

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USDCHF consolidating above ascending trendline support. Price could potentially push up further to 1st resistance at 0.93330 towards, in-line with 100% Fibonacci retracement, 61.8% Fibonacci extension and swing high resistance. Alternatively, price could drop and find support at 0.91645, in-line with 100% Fibonacci retracement and 200% Fibonacci extension.

Trading Recommendation

Entry: 0.92290

Reason for Entry:

61.8% Fibonacci retracement ,Graphical overlap support

Take Profit: 0.93330

Reason for Take Profit:

100% Fibonacci retracement, 61.8% Fibonacci extension and swing high resistance

Stop Loss: 0.91645

Reason for Stop Loss:

100% Fibonacci retracement and 200% Fibonacci extension

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

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