Tickmill

CHFJPY approaching resistance, potential drop!

Short
FX:CHFJPY   Swiss Franc / Japanese Yen
Price is approaching our first resistance at 112.36 (horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 110.26 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also approaching our resistance where a reaction below the level 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. Past performance is not indicative of future results
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