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30.11.202107:35 Forex Analysis & Reviews: USDCHF short-term bullish bounce | 30th Nov 2021

Exchange Rates 30.11.2021 analysis

On the H4 timeframe, price broke out of the ascending trendline support, signifying an overall bearish momentum. However, we can expect price to make a short-term retracement from 1st Support in line with graphical overlap support and 50% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line is approaching the support level.

Trading Recommendation

Entry:0.92272

Reason for Entry:

graphical overlap support and 50% Fibonacci retracement

Take Profit: 0.92713

Reason for Take Profit:

78.6% Fibonacci projection and 38.2% Fibonacci retracement

Stop Loss: 0.92038

Reason for Stop Loss:

61.8% Fibonacci retracement

*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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