easyMarkets

CHFAUD is approaching support, potential bounce!

Long
FX_IDC:CHFAUD   SWISS FRANC / AUSTRALIAN DOLLAR
CHFAUD is approaching our first support at 1.334 (horizontal swing low support) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1.3421 (horizontal swing high resistance, 61.8% Fibonacci extension ). A breakout above our intermediate resistance at 1.3340 (horizontal overlap resistance, 38.2% Fibonacci retracement ) might provide the bullish acceleration to our major resistance level .
Stochastic (89,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

Come join us today at : https://www.easymarkets.com/