USDCHF bullish continuation | 12th Nov 2021

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In reference to yesterday's analysis, price indeed bounced and hit our 1st resistance at 0.92487. On the H4 timeframe, we can see that price have broken out of the descending trendline resistance, signifying a bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 78.6%Fibonacci retracement and 161.8% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding to the ascending trendline.

Trading Recommendation

Entry: 0.92033

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.92487

Reason for Take Profit:

78.6% Fibonacci retracement and 161.8% Fibonacci Projection

Stop Loss: 0.91785

Reason for Stop Loss:

38.2% Fibonacci retracement

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

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