Tickmill
Short

EURCHF approaching resistance, potential drop!

FX:EURCHF   Euro / Swiss Franc
EURCHF is approaching our first resistance at 1.1530 (horizontal overlap resistance, 23.6% Fibonacci retracement ) which coincides with our short term descending resistance line. A strong reaction might occur below this level pushing price down to our major support at 1.1367 (horizontal swing low support).
RSI (55) is also approaching resistance where a reaction off this level might be a good precursor for a potential drop 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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