Title
USDCHF H1 | React off 61.8%
Type
Bearish Reversal
Preference:
Price is approaching our pivot at 0.893 which is a pullback resistance level that lines up with 61.8% Fibonacci retracement. A reverse from here, price could drop to 1st support at 0.88873 which is a swing low support level
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st resistance at 0.89741 which is a swing high resistance level.
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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.