CADCHF facing bullish pressure, potential for bounce!

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Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 78.6% Fibonacci extension and 50% Fibonacci extension. Prices might push up further towards 1st resistance in line with 78.6% Fibonacci extension. If prices fall through 1st support, prices might take support on 2nd support which is in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. EMA is also below prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.73905

Reason for Entry:

Ascending trendline support, horizontal swing low support, 50% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 0.74140

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci extension

Stop Loss: 0.73798

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 127.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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