Tickmill

CHFAUD is approaching support, potential bounce!

Long
FX_IDC:CHFAUD   SWISS FRANC / AUSTRALIAN DOLLAR
CHFAUD is approaching our first support at 1.3304 (horizontal swing low support, 100% Fibonacci extension ). A strong bounce might occur above this level, pushing price up to our major resistance at 1.3601 (horizontal overlap resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ).

Stochastic (21,5,3) is also approaching our major support and is seeing a bullish divergence , which might be a good precursor for a potential rise in price.

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Comment: Wohooo! price is bouncing nicely off our support :)

This analysis is provided as general market commentary and does not constitute investment advice.