USDCHF short-term bullish bounce | 1st Dec 2021

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On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with 127.2 % Fibonacci projection and 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku Cloud.

Trading Recommendation

Entry:0.92274

Reason for Entry:

127.2 % Fibonacci projection and 61.8% Fibonacci retracement

Take Profit: 0.91733

Reason for Take Profit:

61.8% Fibonacci projection and 78.6% Fibonacci retracement

Stop Loss: 0.92479

Reason for Stop Loss:

78.6% Fibonacci retracement

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

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