ICmarkets

CHFAUD approaching resistance, potential drop!

Short
FX_IDC:CHFAUD   SWISS FRANC / AUSTRALIAN DOLLAR
CHFAUD is approaching our first resistance at 1.3412 (horizontal swing high resistance, 38.2%, 78.6% Fibonacci retracement , 100% Fibonacci extension ) where it could potentially drop to our major support at 1.3204 (horizontal swing low support, 61.8% Fibonacci retracement ).
Stochastic is also approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.

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