CADCHF facing bearish pressure, potential for more downside!

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Price is below the 1st resistance at 0.73787 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bearish from 1st resistance at 0.73787 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension to 1st support at 0.73335 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the EMA and the Ichimoku cloud and RSI is abiding to a descending trendline resistance. Otherwise price may continue to bullish to 2nd resistance at 0.74064 in line with Horizontal swing high and 161.8% Fibonacci extension.

Trading Recommendation

Entry: 0.73787

Reason for Entry:

38.2% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 0.73335

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 0.74064

Reason for Stop Loss:

Horizontal swing high and 161.8% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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