USDCHF testing resistance, potential drop!
USDCHF is testing our first resistance at 0.9599 (horizontal overlap resistance) and a strong reaction might occur below this level, pushing price down to our major support at 0.9525 (horizontal swing low support). A breakout below our intermediate support at 0.9566 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement) might provide the bearish acceleration to our major support level.
RSI (89) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results