Forex Analysis & Reviews: USDCHF bullish momentum | 25nd Oct 2021

Price is seen to be reacting in a potential triangle. We can expect price to make a short-term bullish bounce from the 1st support in line with 61.8% Fibonacci retracement, towards the 1st Resistance in line with 127.2% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line bounces off the support level.

Trading Recommendation
Entry: 0.91510
Reason for Entry:
61.8% Fibonacci retracement
Take Profit: 0.92278
Reason for Take Profit:
127.2% Fibonacci projection and 38.2% Fibonacci retracement
Stop Loss: 0.91336
Reason for Stop Loss:
127.2& Fibonacci projection

Analysis are provided by InstaForex