Title
USDCHF 4H | Bullish Rebound
Type
Bullish Trend
Preference:
The price is falling toward the pivot level at 0.9010, an overlap support that aligns close to the 38.3% Fibonacci retracement and the 161.8% Fibonacci extension, signaling a potential bullish rebound. A rejection from this level could drive the price towards the 1st resistance at 0.90918, a pullback resistance.
Alternative Scenario:
If the price breaks below the pivot level, it may decline towards the 1st support at 0.8916, an overlap support that aligns with the 61.8% Fibonacci retracement and historical support zone.
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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.