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MEX_Exchange

CADCHF testing major resistance, remain bearish for a drop

Short
Canadian Dollar/Swiss Franc (FX:CADCHF)  
MEX_Exchange  
FX:CADCHF   Canadian Dollar/Swiss Franc
Trend Analysis Harmonic Patterns Chart Patterns CADCHF CAD chf cadchfshort cadchflong cadchfidea cadchfsell cadchfforecast forexsignals
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trendanalysis harmonicpatterns chartpattern cadchf cad chf cadchfshort cadchflong cadchfidea cadchfsell cadchfforecast forexsignals
Sell below 0.7470. Stop loss at 0.7528. Take profit at 0.7376.
Reason for the trading strategy (technically):
Price is in a strong descending channel and approaching channel resistance once again. We look to sell below 0.7470 resistance (Fibonacci retracement, channel resistance, horizontal overlap resistance) for a further push down to 0.7376 support (Fibonacci extension).
Stochastic (34,5,3) is seeing major resistance below 96% where we expect a corresponding reaction from.
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