USDCHF holding below descending trendline resistance! Potential drop!

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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.com

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