CHFJPY approaching support, potential bounce!
CHFJPY is approaching our first support at 110.07 (horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 110.70 (horizontal swing high resistance, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
Stochastic (89,5,3) is also approaching our support and a bounce off this level might be a good precursor for a potential rise in price.
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Stochastic (89,5,3) is also approaching our support and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Penafian
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