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EURCHF approaching strong support, watch for a potential bounce!

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Euro / Schweizisk franc (FX:EURCHF)  
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FX:EURCHF   Euro / Schweizisk franc
Trend Analysis Harmonic Patterns Chart Patterns EURCHF EUR chf eurchfshort eurchflong eurchfidea eurchfsell eurchfbreakout eurchfsignal
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trendanalysis harmonicpatterns chartpattern eurchf eur chf eurchfshort eurchflong eurchfidea eurchfsell eurchfbreakout eurchfsignal

EURCHF is approaching strong support at 1.1521 (Elliott wave structure, Fibonacci extension) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.

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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
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