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.
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