Type: Bearish ReversalKey Levels:Resistance: 0.66554Pivot: 0.66108Support: 0.65402Preferred Case:Price is abiding to the triangle formation, price tried to breakout of the descending trendline resistance once but failed to do so. We can expect price to drop from further from the pivot level in line with 50% Fibonacci retracement towards the 1st Support in line with 50% Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %D line is near the resistance level.Alternative Scenario:Alternatively, price could push upwards towards 1st Resistance in line with 61.8% Fibonacci projection.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audchf-h4-or-potential-bearish-breakout"
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