CHFJPY approaching support, potential bounce!

٣٠ يوليو ٢٠١٨

CHFJPY is approaching our first support at 111.31 (horizontal overlap support, 38.2%, 61.8% fibonacci retracement, 100% fibonacci extension) which coincides with our long term ascending support line where a strong bounce might occur pushing price up to our major resistance at 113.11 (horizontal overlap resistance, 61.8% fibonacci extension).
Stochastic (89,5,3) is approaching support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.