Sell below 0.7695. Stop loss at 0.7713. Take profit at 0.7648. Reason for the trading strategy (technically): CADCHF is tested its resistance area at 0.7695 (76.4% Fibonacci retracement, multiple swing high resistance) where it reacted and reversed. We are expecting a further drop down to its support at 0.7648 (50% Fibonacci retracement, horizontal overlap support). We do however need to be cautious of the intermediate support at 0.7670 (23.6% Fibonacci retracement, horizontal overlap support). Stochastic (89, 5, 3) is testing its resistance where we are expecting a corresponding drop. We have also identified a bearish divergence with price which contributes to our bearish bias.
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