USDCHF bearish continuation | 3rd Nov 2021

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Price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a drop from the 1st resistance in line with 78.6% Fibonacci retracement and 78.6 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is at the descending trendline resistance.

Trading Recommendation

Entry: 0.91522

Reason for Entry:

78.6% Fibonacci retracement and 78.6 % Fibonacci projection

Take Profit: 0.90909

Reason for Take Profit: 78.6% Fibonacci projection

Stop Loss: 0.91744

Reason for Stop Loss:

61.8% Fibonacci retracement

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

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