Tickmill

GBPCHF approaching resistance, potential drop!

Short
FX:GBPCHF   Britisches Pfund / Schweizer Franken
GBPCCHF is approaching our first resistance at 1.2863 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement, descending channel resistance) and a strong drop might occur below this level pushing price down to our major support at 1.2283 (61.8% Fibonacci extension, horizontal swing low support, 76.4% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price.
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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
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