Title
USDCHF H4 | Bearish Drop
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 0.9029, overlap resistance close to the 61.8% Fibonacci retracement level + 127.2% Fibo extension. (Fibo confluence) . A reversal from this level could lead the price to fall to 1st support level of 0.8956, which is considered an overlap support level close to 23.6% Fibo retracement.
Alternative scenario:
If the price breaks above the pivot, it could rise to 1st resistance at 0.9101, a pullback resistance level above 78.6% Fibo retracement.
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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.