USDCHF potential bearish drop | 9th 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 drop from the 1st resistance in line with 61.8% Fibonacci retracement and 61.8 % Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement. Price is currently in the middle of the descending trendline resistance and ascending trendline support, hence traders should wait for the price to swing higher or lower before entering into the trade.

Trading Recommendation

Entry: 0.91690

Reason for Entry:

61.8% Fibonacci retracement and 61.8 % Fibonacci projection

Take Profit: 0.91690

Reason for Take Profit:

78.6 % Fibonacci projection

Stop Loss: 0.919325

Reason for Stop Loss:

100% FIbonacci projection and 78.6% Fibonacci retracement

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

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