Tickmill
Short

EURCHF approaching resistance, potential drop!

FX:EURCHF   Euro / Swiss Franc
EURCHF broke out of our short term ascending support line and is approaching our first resistance at 1.1941 (horizontal overlap resistance, 100% Fibonacci extension , 23.6% Fibonacci retracement ). A strong reaction might occur below this level, pushing price down to our major support at 1.1867 (horizontal swing low support, 100% Fibonacci extension ). A breakout below our intermediate support at 1.1923 (Horizontal overlap support, 50% Fibonacci retracement ) might provide the bearish acceleration to our major support level . Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
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This analysis is provided as general market commentary and does not constitute investment advice.
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