CHFJPY approaching resistance, potential drop!
CHFJPY is approaching our first resistance at 113.32 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where price might potentially drop to our major support at 111.26 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching resistance and we might see a corresponding drop in price if it reacts off this level.
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Stochastic (55,5,3) is also seeing a bearish divergence and is approaching resistance and we might see a corresponding drop in price if it reacts off this 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