CADCHF potential short term bullish momentum | 10th Sep 2021

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Price is seen to be holding below descending trendline resistance, however we are expecting a short term bullish burst to the trendline resistance. We are expecting price to retrace back to the pivot level ,in line with the 50% Fibonacci retracement level and 61.8% Fibonacci extension level, and bounce back up to the take profit level in line with 23.6% Fibonacci retracement and 100% Fibonacci extension . Our potential bullish bias is further supported by the golden cross formed by the 50 period MA and 200 period MA, as well as the Stochastic indicators where the %K line is abiding the ascending trendline.

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