CHFJPY approaching resistance, potential drop!

10 ביולי 2018

CHFJPY is approaching our first resistance at 112.27 (horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) and a strong reaction might occur below this level pushing price down to our major support at 110.26 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement, short term ascending support line) and a breakout below our intermediate support at 111.02 (horizontal swing low support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (34,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
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