Forex Analysis & Reviews: USDCHF Potential for Bearish Drop | 11st August 2022

On the H4, with prices moving below the ichimoku cloud and the MACD indicators are below zero, we have a bearish bias that the price may drop from the 1st support at 0.94002, where the swing low support is to the 2nd support at 0.93272, which is in line with 78.6% fibonacci projection. Alternatively, since the price is rising currently and from H1, the DIF is crossing over the signal line, the price may rise to the 1st resistance at 0.95233, where the swing low support and 50% fibonacci retracement are.

Trading Recommendation Entry:0.94002
Reason for Entry: Swing low support
Take Profit: 0.93272
Reason for Take Profit: 78.6% fibonacci projection
Stop Loss: 0.95233
Reason for Stop Loss:
Swing low support and 50% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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