EURCHF approaching support, watch for breakout!
EURCHF is testing our short term ascending support line and facing bearish pressure from our short term descending resistance line. A breakout below our ascending support line and our first support at 1.1937 (horizontal swing low support, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support at 1.1889 (horizontal swing pullback support, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off that level.
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Stochastic (55,5,3) is also approaching our major resistance where we might see a corresponding drop in price should it react off that level.
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. Past performance is not indicative of future results