NZDCHF Approaching Resistance, Potential Drop!
NZDCHF is approaching our first resistance at 0.6720 (horizontal pullback resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 0.6667 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also approaching our resistance where a reaction below this level might see a corresponding drop in price.
RSI (89) is also approaching our resistance where a reaction below this level might see a corresponding drop in price.
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