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12.05.202107:44 Forex Analysis & Reviews: CADCHF facing bullish pressure, potential for further upside!

Exchange Rates 12.05.2021 analysis

Prices are facing bullish pressure from ascending trendline support, horizontal swing low support, 50% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push up towards 78.6% Fibonacci extension and -27.2% Fibonacci retracement fibonacci confluence zone. Prices might push down further and take support from horizontal swing low support, in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 0.74659

Reason for Entry:

Ascending trendline support, 50% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 0.74881

Reason for Take Profit:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 0.74522

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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