CADCHF approaching support, potential bounce!
CADCHF is approaching our first support at 0.7758 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement). A strong bounce might occur above that level, pushing price up to our major resistance at 0.7910 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
Stochastic (89,5,3) is also approaching our support and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching our support and we might see a corresponding rise in price should it bounce off this level.
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
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