Please Follow My profil to get the forex ideas>> @PublicSquareFX CADCHF
CADCHF approached to resistance line.
cadchf is most likely to go down because of the strong resistance above.
The price reached a long trend line on the weekly chart, presented a strong bullish push followed by weak correction with little sellers presence. On the 61,8 fibo level of the retracement price gave us another strong bullish push, breaking the lower time frame down trend line. I`ll wait for the retracement of this last push to go long!
I am short from last monday from 0.76350
Sell below 0.7543. Stop loss at 0.7612. Take profit at 0.7416. Reason for the trading strategy (technically): Price is in a strong bearish channel and we’re expecting more bearish momentum from price. Major resistance remains at 0.7543 (Fibonacci retracement, horizontal overlap resistance, channel resistance) and we expect a drop from here to push price down...