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15.10.202107:45 Forex Analysis & Reviews: USDCHF holding above descending trendline support, more upside!

Exchange Rates 15.10.2021 analysis

Price is holding above the Daily descending trendline resistance (now support) and 1st support at 0.921191 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. A further push up from 1st support towards 1st resistance at 0.93131 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension may be expected. It is worth noting that Stochastic is reacting above support where price rise in the past and thus showing bullish pressure in line with our analysis. Otherwise Price may bearish towards 2nd support at 0.91636 in line with horizontal swing low and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.921191

Reason for Entry:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 0.93131

Reason for Take Profit:

61.8% Fibonacci retracement and 127.2% Fibonacci extension

Stop Loss: 0.91636

Reason for Stop Loss:

Horizontal swing low and 127.2% Fibonacci extension

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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On the H4, with price rejecting the resistance on the stochastics indicator, we have a bearish bias that price will drop to 1st support at 1.26479 in line with the graphical overlap support and 50% Fibonacci retracement and possibly to 2nd support at 1.25505 in line with the graphical swing low.
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00:32 2021-11-30 UTC--5
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