Title
USDCHF H4 I Bullish bounce off pullback support
Type
Bullish bounce
Preference:
The price has bounced off the pivot at 0.7931, which is a pullback support that aligns with the 161.8% Fibonacci extension. A bounce from this level could lead the price toward the 1st resistance at 1.7992, an overlap resistance that is slightly above the 38.2% Fibonacci retracement.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 1.7892, which is a multi-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.