EURCHF approaching resistance, potential drop!

EURCHF is testing our first resistance at 1.1600 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 1.1540 (horizontal swing low support, 100% Fibonacci extension, 50%, 76.4% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price should it react off this level.
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Chart PatternschfEUREURCHFeurchflongeurchfshortForexforexsignalsforextradingHarmonic PatternsTrend Analysis

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