Tickmill
Short

EURCHF testing resistance, potential drop!

FX:EURCHF   Euro / Swiss Franc
Price is testing our first resistance at 1.1270 (horizontal pullback resistance, 100% fibonacci extension , 38.2%, 50% fibonacci retracement , short term descending resistance line) where a strong drop might occur pushing price down to our major support at 1.1223 (horizontal swing low support, 76.4% fibonacci retracement ).
Stochastic (34,5,3) is also approaching resistance where we might see a corresonding drop at this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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