Title
USDCHFH4 | Bounce Off a pullback support
Type
Bearish Reversal
Preference:
The price is falling toward the pivot level at 0.9112, a pullback support. A bounce off from this level could lead the price to rise toward the 1st resistance at 0.9182 which is a swing high resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall toward the 1st support at 0.9050, which acts as an overlap resistance.
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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.