FX.co ★ EURCHF is facing bearish pressure, potential for further downside!

Price is facing bearish pressure as it holds below both the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could potentially see further downside as price drops from 1st resistance at 1.08069, in line with our 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance, towards 1st support at 1.07881, in line with our 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.08069

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance

Take Profit: 1.07881

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.08183

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance