CADCHF Approaching Support, Prepare For A Bounce!
Buy above 0.7532.
Stop loss at 0.7494.
Take profit at 0.7639.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7532 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7639 (76.4% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
Stop loss at 0.7494.
Take profit at 0.7639.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7532 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7639 (76.4% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.