CADCHF Reversed Off Resistance, Prepare For Further Drop!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 could 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 could occur.
Cad-chf
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.
CADCHF approaching resistance, potential drop! CADCHF is approaching our first resistance at 0.7620 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 0.7565 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (34,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADCHF Approaching Support, Potential Bounce!CADCHF is approaching its support at 0.7532 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce off from to its resistance at 0.7599 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) bounced off its support at 1.5% where a corresponding rise could occur.
CADCHF approaching resistance, potential drop! CADCHF is approaching our first resistance at 0.7632 (horizontal swing high resistance, 100% fibonacci extension, 50% fibonacci retracement) where a strong reaction might occur below this level, pushing price down to our major support at 0.7534 (horizontal swing low support, 50% fibonacci retracement, 100% fibonacci extension). A breakout below our intermediate support at 0.7588 (horizontal swing low support, 23.6% fibonacci retracement) might provide the bearish accleration to our major support target.
Stochastic (89,5,3) is also approaching our resistance and a reation below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADCHF Approaching Resistance, Potential Reversal!CADCHF is approaching its resistance at 0.7629 (100% Fibonacci extension, 50% & 78.6% Fibonacci retracement, horizontal swing high resistnace) where it could potentiall reverse down to its support at 0.7526 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal could occur.
CAD/CHF Trade IdeaTechnical indicators for the pair are turning bullish.
Price action has edged above major EMAs after bullish divergence on Stochs.
The pair is currently trading muted after previous session's spike with stiff resistance at 0.7615 (nearly converged 200-DMA and cloud).
Breakout there could see further bullishness. Scope then for test of 61.8% Fib at 0.7686.
Rejection at 200-DMA could see retrace till 21-EMA at 0.7565. Violation there could see further weakness.
Good to go long on breakout at 200-DMA, SL: 0.7565, TP: 0.7630/ 0.7685
CADCHF approaching resistance, potential drop! CADCHF is approaching our first resistance at 0.7627 (horizontal swing high resistance, 50%, 78.6% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 0.7526 (horizontal swing low support, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADCHF approaching support, potential bounce!Price is approaching our first support at 0.7530 (horizontal swing low support, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur below this level pushing price up to our major resistance at 0.7587 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADCHF Testing Support, Potential For A Bounce!CADCHF is testing its support at 0.7530 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where price could rise to its resistance at 0.7588 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) bounced off its intermediate support at 8.5% where a corresponding rise could occur.
CADCHF Testing Support, Prepare For A Bounce!Buy above 0.7530.
Stop loss at 0.7490.
Take profit at 0.7588.
Reason for the trading strategy (technically):
CADCHF is testing its support at 0.7530 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to rise to its resistance at 0.7588 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) bounced off its intermediate support at 8.5% where a corresponding rise is expected.
CADCHF UPDATE 24Hours ON !!! SL was to tight and the news spiked up and hit SL Then reversed. I have decided to re enter because i am confident in my setup playing out . Im not to fussed about SL getting hit by a few pips because i know this happens from time to time just got to accept it and move on . Another update in 24hrs !!!!
CADCHF approaching support, potential bounce! CADCHF is approaching our first support at 0.7533 (horizontal swing low support, 23.6% Fibonacci retracement) and broke out of our short term descending resistance line where a strong bounce might occur above this level pushing price up to our major resistance at 0.7648 (horizontal swing high resistance, 100% Fibonacci extension).
RSI (55) is also seeing a bullish exit and we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADCHF approaching resistance, potential reversal!CADCHF is approaching its resistance at 1.0954 (38.2%, 50% & 61.8% Fibonacci retracement, horizontal overlap resistance) where we price could fall to its support at 0.7476 (61.8% & 50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding reversal could occur. We have also identified a bearish divergence with price.
CADCHF Approaching Resistance, Prepare For A ReversalSell below 0.7551. Stop loss 0.7597. Take profit at 0.7476.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 1.0954 (38.2%, 50% & 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect price to react, causing it to reverse and fall to its support at 0.7476 (61.8% & 50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding reversal could occur. We have also identified a bearish divergence with price.