USDCHF holding above descending trendline support, more upside!

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Price is holding above the Daily descending trendline resistance (now support) and 1st support at 0.921191 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. A further push up from 1st support towards 1st resistance at 0.93131 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension may be expected. It is worth noting that Stochastic is reacting above support where price rise in the past and thus showing bullish pressure in line with our analysis. Otherwise Price may bearish towards 2nd support at 0.91636 in line with horizontal swing low and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.921191

Reason for Entry:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 0.93131

Reason for Take Profit:

61.8% Fibonacci retracement and 127.2% Fibonacci extension

Stop Loss: 0.91636

Reason for Stop Loss:

Horizontal swing low and 127.2% Fibonacci extension

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

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