markyoung

CADCHF Short Entry at long-term 50% retracement

Short
FX:CADCHF   Canadian Dollar/Swiss Franc
CADCHF has retraced to a 50% retracement line that has held for almost two years, so there's a good probability that this line will once again provide resistance. If the 50% line fails, next potential short entry for me (on a daily time frame) would be at the red 61.8% retracement line.

The not-very-clear pink arrow over to the left shows when these fibs were first drawn, at the start of 2015. The 0%, 61.8% and 50% lines have provided a few good longer-term entry points since then.
Comment:
Zoomed in to a 4 hour chart, as of this post CADCHF has made an almost-perfect tag of this long term 50% retracement line.

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