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USDCHF Potential Bearish Breakout | 24th Dec 2021

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On the H4 timeframe, price broke out of the ascending trendline support, signifying potential bearish momentum. We can expect price to drop from 1st Resistance in line with 23.6% Fibonacci retracement and graphical overlap resistance towards 1st Support in line with graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance,

Trading Recommendation

Entry: 0.91899

Reason for Entry:23.6% fibonacci retracement and graphical overlap resistance

Take Profit: :0.91559

Reason for Take Profit:

graphical overlap support, 100% Fibonacci projection and 161.8% Fibonacci extension

Stop Loss: 0.92152

Reason for Stop Loss:

61.8% Fibonacci projection and 50% Fibonacci retracement

The material has been provided by InstaForex Company - www.instaforex.com

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