Tickmill

CHFAUD approaching support, potential bounce!

Long
FX_IDC:CHFAUD   SWISS FRANC / AUSTRALIAN DOLLAR
CHFAUD is approaching our first support at 1.3312 (horizontal overlap support, 100% Fibonacci extension ). A strong bounce might occur above this level, pushing price up to our major resistance at 1.3480 (horizontal overlap resistance, 100% Fibonacci extension , 38.2% Fibonacci retracement ).

Stochastic (89,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice.