Tickmill
Short

EURCHF approaching support, watch for breakout!

FX:EURCHF   Euro / Swiss Franc
EURCHF is testing our short term ascending support line and facing bearish pressure from our short term descending resistance line. A breakout below our ascending support line and our first support at 1.1937 (horizontal swing low support, 23.6% Fibonacci retracement ) might provide the bearish acceleration to our major support at 1.1889 (horizontal swing pullback support, 50% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off that level.
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This analysis is provided as general market commentary and does not constitute investment advice.
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