USDCHF bullish momentum! | 16 Nov 2021

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Price is on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our 1st support at 0.92193 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap towards our 1st resistance at 0.92647 in line with 61.8% Fibonacci extension and graphical swing high. Alternatively, our stop loss will be placed at 2nd support at 0.91883 in line with bullish trendline and graphical overlap. Technical indicators are showing bullish momentum.

Trading Recommendation

Entry: 0.92193

Reason for Entry:

23.6% Fibonacci retracement and 61.8% Fibonacci extension and graphical overlap

Take Profit: 0.92647

Reason for Take Profit:

61.8% Fibonacci extension and graphical swing high

Stop Loss: 0.91883

Reason for Stop Loss:

Bullish trendline and graphical overlap

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

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