CXY is approaching our first resistance at 6.9990 (horizontal overlap resistance, 78.6% Fibonacci retracement , 100%, 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 6.9634 (38.2% Fibonacci retracement , 61.8% Fibonacci extension , horizontal swing low support). Stochastic is also approaching resistance 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.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.