CADCHF forming a major reversal, keep an eye out!

8 Jan 2018

Price is forming a really strong potential reversal signal at 0.7876 (76.4% Fibonacci retracement, bearish bat formation, horizontal swing high resistance, bearish divergence) and a strong reversal could occur at this level to potentially drive price down to 0.7810 before 0.7738 (61.8% Fibonacci retracement, horizontal swing low support). Our next major level of resistance is at 0.7916 (Fibonacci extension, above swing high resistance).

Stochastic (34,5,3) is seeing major resistance below our 97% level of resistance and also sees strong bearish divergence vs price signaling that a reversal is potentially impending.

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