USDCHF is facing bullish pressure from ascending trend line support. Prices might take support from 1st support which coincides with 50% Fibonacci retracement and bounce towards 1st resistance which is in line with 61.8% fibonacci extension and -68% fibonacci retracement fibonacci confluence area. If prices fall through 1st support, prices might take support on 2nd support which coincides with 50% fibonacci retracement and 78.6% fibonacci extension. Prices is also above EMA, giving prices a bullish pressure as well.
Trading Recommendation
Entry: 0.92984
Reason for Entry:
Horizontal pullback support, 50% fibonacci retracement
Take Profit: 0.93309
Reason for Take Profit:
61.8% fibonacci extension, -68% fibonacci retracement
Stop Loss: 0.92784
Reason for Stop Loss:
Horizontal swing low support, 78.6% fibonacci extension, 50% fibonacci retracement
