CADCHF short-term bearish movement | 19th Oct 2021
Price is seen to be in between the descending trendline resistance and ascending trendline support, potentiall forming a triangle pattern . We can expect price to drop from the pivot level in line with the 88% Fibonacci retracement towards the take profit level in line with 50% Fibonacci retracement and 100% Fibonacci projection . Our short-term bearish bias is further supported by stochastic indicator where the %K line is approaching the resistance level .
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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