AUD/CHF approaching resistance, potential drop!

AUD/CHF is approaching our first resistance at 0.7079 (horizontal pullback resistance, 61.8% Fibonacci extension, 23.6%, 50% Fibonacci retracement) where a strong drop might occur below this level to our major support at 0.7046 (horizontal overlap support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure. 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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