CADCHF Testing Resistance, Prepare For Reversal!
Sell below 0.7656.
Stop loss at 0.7689.
Take profit at 0.7591.
Reason for the trading strategy (technically):
CADCHF is testing its resistance at 0.7656 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 0.7591 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (89, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected.
Stop loss at 0.7689.
Take profit at 0.7591.
Reason for the trading strategy (technically):
CADCHF is testing its resistance at 0.7656 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 0.7591 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (89, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected.