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Cadchfdaily

CADCHF testing major support, prepare for a potential bounce! CADCHF is testing major support at 0.7716 (Fibonacci retracement, horizontal overlap support, bullish price action, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.7851 (Fibonacci extension, horizontal swing high resistance). Stochastic (55,5,3) is seeing major support above 6.4% where a corresponding bounce could occur. We are also seeing bullish divergence vs price signalling that a bounce could be impending. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
CADCHF dropping nicely, potential for further drop!CADCHF has broken major support-turned-resistance level at 0.7809 (Fibonacci retracement, horizontal overlap resistance) and remains below our Ichimoku cloud signalling that there is bearish momentum. Our next resistance is at 0.7830 which is above our 61.8% Fibonacci retracement and also at a swing high resistance. Price could potentially drop all the way to major support at 0.7714 (Fibonacci retracement, horizontal overlap support). Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
CADCHF bullish channel exit, time to buyIntro: CADCHF has made an exit of its channel signalling a change in momentum, and also providing a great opportunity to buy. Buy above 0.7400. Stop loss at 0.7360. Take profit at 0.7493. Reason for the trading strategy (technically): Price has made a bullish exit of our long term descending channel signalling that we’re likely to see a change in momentum from bearish to bullish. We look to buy above 0.7400 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7493 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) has also made a bullish exit of its long term descending resistance-turned-support line signalling a corresponding change in momentum too.
Long
by MEX_Exchange
2
CADCHF has made a bullish exit, potential for a mega reversal!CADCHF has made a bullish exit of its long term descending channel, this is a huge sign for a potential bullish reversal. Our 1st support is at our breakout level of 0.7386 and we can see two major resistance levels at 0.7439 (Fibonacci retracement, horizontal overlap resistance) and 0.7469 (Fibonacci retracement, horizontal overlap resistance). RSI (55) has also made a corresponding bullish exit from its long term descending resistance-turned-support line signaling that there could be a strong shift in momentum from bearish to bullish. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
2