CADCHF Approaching Resistance, Prepare For A Reversal
Sell below 0.7708.
Stop loss 0.7777.
Take profit at 0.7524.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 0.7708 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 0.7524 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal is expected.
Stop loss 0.7777.
Take profit at 0.7524.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 0.7708 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 0.7524 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal is expected.
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