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10.01.2022 11:22 AM
USDCHF bearish continuation | 10th Jan 2022

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On the H4 timeframe, prices are on bearish momentum and abiding to our descending trendline. We can expect the price to drop from 1st Resistance in line with 38.2% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Trading Recommendation

Entry: 0.91966

Reason for Entry:Graphical overlap resistance, 38.2% Fibonacci retracement

Take Profit: : 0.91409

Reason for Take Profit:61.8% Fibonacci retracement and 127.2% Fibonacci projection

Stop Loss: 0.92240

Reason for Stop Loss:

78.6% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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