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Cadchfshort

CADCHF approaching resistance, potential drop! CADCHF is approaching our first resistance at 0.7544 (horizontal pullback resistance, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 0.7502 (50% Fibonacci retracement). Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
CADCHF approaching support, potential bounce!CADCHF is approaching our first support at 0.7451 (horizontal overlap support, 61.8%, Fibonacci extension, 38.2% Fibonacci retracement) where a strong bounce might occur above this level to our major resistance at 0.7535 (horizontal overlap resistance, 50% Fibonacci retracement). Stochastic (55,5,3) is also approaching our support where we might see a bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by easyMarkets
CADCHF: Ready to reverse? If we have a look at the daily timeframe chart of CADCHF we can see that resistance level 0.76176 has been rejected twice forming potentially a double top reversal. However, this downward price move is supported against by a strong trendline as shown above. With Tenkan Sen and Kijun Sen showing very little directional momentum and we are likely to see some consolidation, perhaps a move back toward 0.76176 to retest resistance and complete the triangle pattern formation before we see any strong directional move. If we drop down to the 4-hour timeframe we can see that price has currently found support at Kumo. However, price has just broken through Tenkan Sen and Kijun Sen as a support – but with Tenkan Sen, Kijun Sen and Senkou Span B is relatively close proximity to one another supported by Chikou Span firmly within price we can say that this area is crucial consolidation zone. Any downward move has to be supported by the daily trendline which is also supported by the 4-hour Senkou Span A. A candle close below this level i.e. a 4-hour Kumo breakout would likely invalidate the retest of resistance 0.76176 and a short position would be favoured. The one-hour chart shows supporting results with added downward momentum.
Short
by SachinKotecha
CADCHF approaching support, potential bounce! CADCHF is approaching our first support level at 0.7541 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 0.7569 (horizontal swing high resistance, 38.2% Fibonacci retracement). Stochastic (55,5,3) is also approaching support 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.
Long
by Tickmill