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28.10.202105:33 Forex Analysis & Reviews: USDCHF bearish continuation | 28th Oct 2021

Exchange Rates 28.10.2021 analysis

Price is reacting below our 1st resistance level at 0.91888 which is in line with 61.8% Fibonacci extension and horizontal swing low support. Price can potentially take support at 0.91526, which is in line with 38.2% Fibonacci retracement and horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 0.92142, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Trading Recommendation

Entry: 0.91888

Reason for Entry:

61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.91526

Reason for Take Profit:

38.2% Fibonacci retracement and horizontal swing low support

Stop Loss:0.92142

Reason for Stop Loss:

Horizontal swing high resistance

*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
© 2007-2022
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