CACHF Reversed Off Resistance, Prepare For Further Drop!
Sell below 0.7651. Stop loss at 0.7689. Take profit at 0.7591.
Reason for the trading strategy (technically):
CADCHF reversed off its resistance at 0.7651 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal swing high resistance, ascending channel resistance) where it is expected to drop further to its support at 0.7591 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop is expected.
Reason for the trading strategy (technically):
CADCHF reversed off its resistance at 0.7651 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal swing high resistance, ascending channel resistance) where it is expected to drop further to its support at 0.7591 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop is expected.