USDCHF approaching resistance, potential drop!
Price is approaching our first resistance at 0.9984 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where price might drop to its support at 0.9910 (horizontal swing low support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is seeing a bearish exit and we might see a corresponding drop 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. Past performance is not indicative of future results