CADCHF forming a major reversal, keep an eye out!
Price is forming a really strong potential reversal signal at 0.7876 (76.4% Fibonacci retracement, bearish bat formation, horizontal swing high resistance, bearish divergence) and a strong reversal could occur at this level to potentially drive price down to 0.7810 before 0.7738 (61.8% Fibonacci retracement, horizontal swing low support). Our next major level of resistance is at 0.7916 (Fibonacci extension, above swing high resistance).
Stochastic (34,5,3) is seeing major resistance below our 97% level of resistance and also sees strong bearish divergence vs price signaling that a reversal is potentially impending.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is seeing major resistance below our 97% level of resistance and also sees strong bearish divergence vs price signaling that a reversal is potentially impending.
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
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