USDCHF facing bullish pressure | 25th FEB 2021

USDCHF has broken through downtrend line on the daily timeframe. It has the potential to bounce from 1st support, which coincides with horizontal swing high and 61.8% Fibonacci extension level to the 1st resistance which is a Fibonacci confluence area of -27% Fibonacci retracement and 161.8% Fibonacci extension. If prices were to break through our first support, it will fall to 2nd support which coincides with horizontal swing high resistance as well as 78.6% Fibonacci retracement level