FX.co ★ USDCHF approaching 1st resistance, potential reversal!

Price is approaching 1st resistance, in line with 127.2% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance. We could see a reversal and further drop toward 1st support, in line with 127.2% Fibonacci extension & horizontal swing low support. Alternatively, if prices break above 1st resistance, prices may face resistance from 2nd resistance in line with horizontal swing high resistance. Stochastic is approaching resistance level at 98.22, further supporting our bearish view.