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25.10.2021: Forex Analysis & Reviews: USDCHF bullish momentum | 25nd Oct 2021

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Price is seen to be reacting in a potential triangle. We can expect price to make a short-term bullish bounce from the 1st support in line with 61.8% Fibonacci retracement, towards the 1st Resistance in line with 127.2% Fibonacci projection and 38.2% Fibonacci retracement. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line bounces off the support level.

Trading Recommendation

Entry: 0.91510

Reason for Entry:

61.8% Fibonacci retracement

Take Profit: 0.92278

Reason for Take Profit:

127.2% Fibonacci projection and 38.2% Fibonacci retracement

Stop Loss: 0.91336

Reason for Stop Loss:

127.2& Fibonacci projection

*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
© 2007-2024
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