CADCHF approaching support, potential bounce!
CADCHF is approaching our first support at 0.7361 (horizontal swing low support, 100% Fibonacci extension, long term descending support line) where a strong bounce might occur pushing price up to our major resistance at 0.7471 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results