USDCHF bullish bounce | 19th Nov 2021

analytics61971e172791c.jpgFibonacci retracement level and horizontal overlap support, we are expecting a reversal from this level to 1st resistance at price 0.93227. This level coincides with horizontal swing high resistance. Price may possibly even head to our 2nd resistance at 0.93659 in line with another horizontal swing high resistance. Alternatively, we may see price break 1st support structure and head for 2nd support at 0.91864 in line with the 61.8% Fibonacci retracement and horizontal overlap support.

Trading Recommendation

Entry: 0.92288

Reason for Entry:

38.2% Fibonacci retracement level and horizontal overlap support

Take Profit:0.93227

Reason for Take Profit:

horizontal swing high resistance

Stop Loss: 0.91864

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal overlap support

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

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