Title
USDCHF H4 | Bearish reaction off 38.2% Fibo?
Type
Bearish Reversal
Preference:
Price is rejecting the 38.2% fibo retracement level, which is the pivot point at 0.8776. Price could potentially form a double top, and have a bearish reaction, to fall to the 38.2% fibo retracement level at the 1st support at 0.8700.
Alternative scenario:
If price breaks above the pivot, then price could rise to the 1st resistance, which is at the 61.8% fibo retracement, at 0.8833.
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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.