USDCHF Potential For Bounce | 3rd Dec 2021

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Prices are consolidating in a triangle and abiding to our ascending trendline. We see potential for a bounce from our 1st support at 0.91900 which is an area of Fibonacci confluences and also graphical overlap towards our 1st resistance at 0.92639 in line with 100% Fibonacci extension and 50% Fibonacci retracement. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 0.93236 in line with 78.6% Fibonacci retracement and 161.8% and 78.6% Fibonacci extension which is a graphical swing low. RSI is showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 0.91574 which is an area of Fibonacci confluences.

Trading Recommendation

Entry: 0.91900

Reason for Entry:

Area of Fibonacci confluences and also graphical overlap

Take Profit: 0.92630

Reason for Take Profit:

100% Fibonacci extension and 50% Fibonacci retracement

Stop Loss: 0.91574

Reason for Stop Loss:

Area of Fibonacci confluences and graphical swing low

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

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