USDCHF H4 | Bullish bounce setup
Title
USDCHF H4 | Bullish bounce setup
Type
Bullish bounce
Preference
The price is falling towards the pivot at 0.7833, a pullback support that aligns with the 50% Fibonacci retracement. A bounce from this level could push the price toward the 1st resistance at 0.7959, an overlap resistance that aligns with the 161.8% Fibonacci extension.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st suport at 0.7762, which acts as an overlap support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.