EURCHF approaching strong support, watch for a potential bounce!

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유로 / 스위스 프랑 (FX:EURCHF)

FX:EURCHF 유로 / 스위스 프랑

trendanalysis harmonicpatterns chartpattern eurchf eur chf eurchfshort eurchflong eurchfidea eurchfsell eurchfbreakout eurchfsignal

EURCHF is approaching strong support at 1.1521 (Elliott wave structure, Fibonacci extension) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results