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28.04.2022 07:22 AM
USDCHF Potential For Bearish Reversal | 28th April 2022

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On the H4 timeframe, price is moving towards the descending trendline. We expect that price will potentially reverse from 1st resistance level of 0.97034 in line with -27.2% fibonacci expansion and a major 61.8% fibonacci retracement towards the 1st support level of 0.95925 in line with 23.6% fibonacci retracement. Alternatively, price might break through 1st resistance and trigger a rise towards the 2nd resistance level of 0.97819 in line with 7 May 2020 high.

Trading Recommendation

Entry: 0.97034

Reason for Entry: -27.2% fibonacci expansion and a major 61.8% fibonacci retracement.

Take Profit: 0.95925

Reason for Take Profit: 23.6% fibonacci retracement.

Stop Loss: 0.97819

Reason for Stop Loss:

7 May 2020 high

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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