CHFJPY approaching support, potential bounce!
CHFJPY is approaching our first support at 110.07 (horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 110.70 (horizontal swing high resistance, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
Stochastic (89,5,3) is also approaching our support and a bounce off this level might be a good precursor for a potential rise in price.
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Stochastic (89,5,3) is also approaching our support and a bounce off this level 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results