EURCHF broke out of our short term ascending support line and is approaching our first resistance at 1.1941 (horizontal overlap resistance, 100% Fibonacci extension, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 1.1867 (horizontal swing low support, 100% Fibonacci extension). A breakout below our intermediate support at 1.1923 (Horizontal overlap support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support level. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
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