Title
USDCHF H1 | Bullish Bounce-Off
Type
Bullish Reversal
Preference:
The price is testing the pivot level at 0.8920, a swing-low support that aligns with the 161.8% Fibonacci extension and the 78.6% Fibonacci projection, forming a strong Fibonacci confluence where price could find support. A bounce from this level could push the price toward the 1st resistance at 0.8956, a pullback resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall toward 1st support at 0.889, a swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.