CADCHF Approaching Support, Prepare For A Bounce
Buy above 0.7544
Stop loss at 0.7521.
Take profit at 0.7592.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7544 (61.8% & 100%Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7592 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
Stop loss at 0.7521.
Take profit at 0.7592.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7544 (61.8% & 100%Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7592 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.