Title
CADCHF H4 | Overlap Resistance at 38.2% Fibonacci Retracement
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 0.6161, an overlap resistance that aligns with the 38.2% Fibonacci retracement. A bearish reversal off this level could lead the price to fall toward the 1st Support at 0.6109, a multi-swing-low support that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st Resistance at 0.6199, a swing-high resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.