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USDCHF, H4 | Bearish Continuation

29089 usdchf h4 bearish continuation

Type: Bearish ReversalKey Levels:Resistance: 0.92531Pivot: 0.9213Support: 0.91433Preferred Case:Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 78.6% fibonacci projection towards 1st Support in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the stochastic where the %K line is at the resistance level.Alternative Scenario:Alternatively, price could push higher to 1st Resistance in line with 127.2% Fibonacci projection.

Source: Tickmill

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