HMC_Trader

USDCHF, H4 broken out of our Pivot point, potential for a rise.

Long
SAXO:USDCHF   U.S. Dollar / Swiss Franc
Description
Price did a bullish breakout from our Pivot point at 0.88435 which is in line with 61.8% fibonacci retracement , moving average and horizontal graphical resistance. We could potentially see price rise from our Pivot point towards our 1st resistance level at 0.88890. It is worth noting that the price is trending above the EMA (78) and descending trendline, in line with our bullish analysis.

Pivot: 0.88435
Why we like it:
61.8% fibonacci retracement , moving average and horizontal graphical resistance

1st Support: 0.88106
Why we like it:
50%, 127% Fibonacci retracement , horizontal graphical overlap and descending trendline support.

1st Resistance: 0.88890
Why we like it:
-27% and -61.8% fibonacci retracement
Trading FX & CFDs carries high risk.

Comments

Nice view, keep it up
Reply
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