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FX.co ★ CADCHF facing bullish pressure, potential for bounce!

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Forex Analysis:::2021-04-30T05:50:26

CADCHF facing bullish pressure, potential for bounce!

CADCHF facing bullish pressure, potential for bounce!

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

Analyst InstaForex
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