CHFAUD is approaching support, potential bounce!
CHFAUD is approaching our first support at 1.3304 (horizontal swing low support, 100% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1.3601 (horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (21,5,3) is also approaching our major support and is seeing a bullish divergence, which might be a good precursor for a potential rise in price.
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Stochastic (21,5,3) is also approaching our major support and is seeing a bullish divergence, which 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.
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Wohooo! price is bouncing nicely off our support :)
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results