CHFJPY approaching resistance, potential drop!
Price is approaching our first resistance at 111.95 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support target at 110.34 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement). A breakout below our short term ascending support line might provide the bearish acceleration to our major support target.
RSI (89) 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 (89) 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.
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