FX.co ★ CADCHF facing bullish pressure

Price is seen to be holding above the daily timeframe ascending trendline support , showing an overall bullish pressure. We are expecting price to potentially retrace to the 1st support level in line with 61.8% Fibonacci retracement level and bounce back up to the 1st Resistance level in line with the 76.4% Fibonacci retracement level. Our bullish bias is further supported by the golden cross formed by the 50 period MA and 200 period MA and stochastic indicator where the %K line is abiding an ascending trendline.

Trading Recommendation

Entry: 0.71856

Reason for Entry:

61.8% Fibonacci Retracement

Take Profit: 0.73180

Reason for Take Profit:

76.4% Fibonacci retracement

Stop Loss: 0.70956

Reason for Stop Loss:

76.% Fibonacci extension and ascending trendline support.