EURCHF facing bearish pressure, potential for further downside

Price has just broken below the ascending trendline support-turned-resistance, where it could potentially drop further below 1st resistance, in line with 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, towards 1st support, in line with 78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support. MACD is also holding under the 0 line, indicating bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 1.10501

Reason for Entry:

38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.10055

Reason for Take Profit:

78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support

Stop Loss: 1.10879

Reason for Stop Loss:

78.6% Fibonacci retracement, 78.6%, 161.8% Fibonacci extension and horizontal swing high resistance