CADCHF Testing Support, Prepare For A Bounce
Buy above 0.7394.
Stop loss at 0.7338.
Take profit at 0.7484.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7394 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where price is expected to bounce up to its resistance at 0.7484 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is testing its support at 2.6% where a corresponding bounce is expected.
Stop loss at 0.7338.
Take profit at 0.7484.
Reason for the trading strategy (technically):
CADCHF is approaching its support at 0.7394 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where price is expected to bounce up to its resistance at 0.7484 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is testing its support at 2.6% where a corresponding bounce is expected.
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