19.01.202208:22 Forex Analysis & Reviews: USDCHF Potential Bearish Drop | 19th Jan 2022

Exchange Rates 19.01.2022 analysis

On the H4 timeframe, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from 1st resistance of 0.91795 in line with the 50% Fibonacci retracement level to 1st support at 0.91316 in line with the 50% Fibonacci retracement level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.92008 in line with the 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 0.91795

Reason for Entry: 50% Fibonacci retracement level

Take Profit: : 0.91316

Reason for Take Profit: 50% Fibonacci retracement level

Stop Loss: 0.92008

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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