CADCHF Testing Resistance, Prepare For Reversal
Sell below 0.7410.
Stop loss at 0.7477.
Take profit at 0.7320.
Reason for the trading strategy (technically):
CADCHF is testing its resistance at 0.7410(100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7320(horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected.
Stop loss at 0.7477.
Take profit at 0.7320.
Reason for the trading strategy (technically):
CADCHF is testing its resistance at 0.7410(100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7320(horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected.