USDCHF approaching resistance, potential drop!
USDCHF is approaching our first resistance at 0.9890 (horizontal swing high resistance, 38.2% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 0.9725 (horizontal swing low support, 100% Fibonacci extension, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also 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 (55) is also 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
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