FX.co ★ USD/CHF approaching resistance, potential drop!

USDCHF is approaching our first resistance at 1.0015 (61.8% Fibonacci extension , 50% Fibonacci retracement , Horizontal overlap resistance). where a strong drop might occur below this level pushing price down to our major support at 0.9956 (50% Fibonacci retracement , Horizontal swing low support).

Stochastic is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.