USDCHF testing strong support, prepare for a potential bounce
USDCHF is testing major support at 0.9589 (ABC Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) and a strong bounce could occur at this level to drive price up to at least 0.9695 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (55,5,3) is seeing major support above 0.5% where a potential corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing major support above 0.5% where a potential corresponding bounce could occur.
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