CADCHF Approaching Resistance, Lookout For A Reversal
Sell below 0.7662. Stop loss at 0.7681. Take profit at 0.7609.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance area where we look to sell below 0.7662 (100% Fibonacci extension, 100% Fibonacci extension, 61.8% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance). We expect price to fall to its support at 0.7609 (61.8% Fibonacci extension, multiple swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance area where we look to sell below 0.7662 (100% Fibonacci extension, 100% Fibonacci extension, 61.8% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance). We expect price to fall to its support at 0.7609 (61.8% Fibonacci extension, multiple swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reaction is expected.
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