CADCHF Approaching Support, Prepare For A Bounce!
Buy above 0.7533.
Stop loss at 0.7500.
Take profit at 0.7583.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7533 (61.8% Fibonacci extension x2, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7583 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 6% where a corresponding bounce could occur.
Stop loss at 0.7500.
Take profit at 0.7583.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7533 (61.8% Fibonacci extension x2, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7583 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 6% where a corresponding bounce could occur.