Tickmill
Long

CADCHF approaching support, potential bounce!

FX:CADCHF   Canadian Dollar/Swiss Franc
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.
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This analysis is provided as general market commentary and does not constitute investment advice.
Nice one bro
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