Sell Below 0.7619. Stop loss at 0.7682. Take profit at 0.7487.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 0.7619 (horizontal overlap resistance) where we expect to see a reversal, causing price to push down to its support at 0.7487 (38.2% Fibonacci retracement x2 swing low support). We do have to be cautious of the intermediate support at 0.7556 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect to see a reversal. We have also identified a bearish divergence with price which contributes to our bearish bias.
Reason for the trading strategy (technically):
CADCHF is approaching its resistance at 0.7619 (horizontal overlap resistance) where we expect to see a reversal, causing price to push down to its support at 0.7487 (38.2% Fibonacci retracement x2 swing low support). We do have to be cautious of the intermediate support at 0.7556 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect to see a reversal. We have also identified a bearish divergence with price which contributes to our bearish bias.