USDCHF potential bearish drop | 10th Nov 2021

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On the H4 timeframe, price is now abiding to a descending trendline resistance, signifying bearish momentum. We can now expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement towards 1st resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator %K line where it touched the support.

Trading Recommendation

Entry: 0.90909

Reason for Entry:78.6% Fibonacci projection and 78.6% Fibonacci retracement

Take Profit: 0.91690

Reason for Take Profit:78.6 % Fibonacci projection

Stop Loss: 0.90745

Reason for Stop Loss:

100% FIbonacci projection

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

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