USDCHF bullish momentum | 11th Nov 2021

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On the H4 timeframe, we can see that prices 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 127.2% Fibonacci projection and 161.8% Fibonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crosses above the signal line.

Trading Recommendation

Entry: 0.91690

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.92152

Reason for Take Profit:

127.2% Fibonacci projection and 161.8% Fibonacci retracement

Stop Loss: 0.91513

Reason for Stop Loss:

38.2% Fibonacci retracement

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

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