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MEX_Exchange
Apr 16, 2018 2:33 AM

CADCHF is Approaching Its Resistance, Prepare For A Drop  Short

Canadian Dollar/Swiss FrancFXCM

Description

Sell below 0.7652. Stop loss at 0.7685. Take profit at 0.7558.
Reason for the trading strategy (technically):
CADCHF is approaching resistance at 0.7652 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 0.7558 (61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89, 5, 3) is also reaching its resistance at 98% where we expect to see a corresponding reaction. A bearish divergence with price has also been identified which contributes to our bearish divergence.
Comments
UnknownUnicorn1676723
Maybe your stop loss should be the target? You would make more money
rocafela
lol
rocafela
wrong levels, buy instead
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