Tickmill
Long

EURCHF approaching support, watch for potential bounce!

FX:EURCHF   Euro / Swiss Franc
Price is approaching our first support at 1.1602 (horizontal overlap support, 38.2% Fibonacci retracement , 61.8% Fibonacci extension , long term ascending support line) and a strong bounce might occur below this level pushing price up to our major resistance at 1.1766 (horizontal overlap resistance, 61.8% Fibonacci retracement , 100% Fibonacci extension ).
Stochastic (89,5,3) is also approaching our support and a bounce off this level might see a corresponding rise in price.
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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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