theforexarmy

CADCHF Approaching Resistance, Prepare For A Reversal

Short
FX:CADCHF   Canadian Dollar/Swiss Franc
Sell below 0.7715.
Stop loss 0.7772.
Take profit at 0.7629.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 0.7715 (61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal overlap resistance) where it is expected to reverse down to its support at 0.7629(23.6% Fibonacci retracement , horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal is expected.

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