CADCHF has made a bullish exit, potential for a mega reversal!
CADCHF has made a bullish exit of its long term descending channel, this is a huge sign for a potential bullish reversal. Our 1st support is at our breakout level of 0.7386 and we can see two major resistance levels at 0.7439 (Fibonacci retracement, horizontal overlap resistance) and 0.7469 (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has also made a corresponding bullish exit from its long term descending resistance-turned-support line signaling that there could be a strong shift in momentum from bearish to bullish.
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RSI (55) has also made a corresponding bullish exit from its long term descending resistance-turned-support line signaling that there could be a strong shift in momentum from bearish to bullish.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results