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25.06.2021 10:17 AM
CADCHF testing 1st support, potential for bounce!

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Price is testing 1st support, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support. We could see a bounce and further upside towards 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance. RSI is also testing the lower support where price has bounced before in the past, showing potential for further bullish pressure.

Trading Recommendation

Entry: 0.74411

Reason for Entry:

38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support

Take Profit: 0.74815

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.74135

Reason for Stop Loss:

78.6% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

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