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CADCHF is bouncing at 72.8% Fibonacci level

Friday, March 1, 2019 8:00 AM GMT

Reviewing the daily technical aspect, CADCHF is moving within the channel (C1). Yesterday, the pair hit the low side of the channel (C1), which came in confluence with the Daily (S1). Currently, the pair is bouncing at the 72.8% Fibonacci support level, while RSI is holding well above 50 level and CCI is breaking the basis line to the upside.

Overall, the daily setup indicates a potential continuation of the current bullish momentum towards the upper side of the channel (C1).


Heading to H4 timeframe, the indicators’ setup (RSI and CCI are breaking above the basis line and Stochastics is entering the overbought zone) is acting supportively to our daily scenario.


On the other hand, if price violates the low side of the channel (C1) to the downside, then the setup may offer a selling opportunity.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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