CADCHF approaching first resistance, potential drop!

٦ أبريل ٢٠١٨

CADCHF is approaching our first resistance at 0.7562 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 0.7429 (horizontal overlap support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement).

Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off its major resistance where we might see a corresponding drop in price.

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