USDCHF likely to bounce off support | 21st July 2021
Price is likely to bounce off support at the 0.92006 level which coincides with the 38.2% Fibonacci extension, 23.6% Fibonacci retracement and potential graphical overlap support. Price is then likely to rise up to first resistance at 0.91716 which coincides with a graphical swing high as well as the 161.8% Fibonacci extension level. Alternatively, we could see a reversal and drop towards 2nd support in line with 78.6% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support. Price is also holding above the EMA which further strengthens our bullish view.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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