CADCHF S

Top Down Analysis:

Monthly:
The pair is stuck in a range since 2015;
Key Resistance comes in at 0.775;
Key Support comes in at 0.7225;

Weekly:
Range;
Key Resistance comes in at 0.78750;
Key Support comes in at 0.71600;

Daily:
Price is overextended to the upside;
May find Resistance on 0.775 level;
Found Resistance at 0.7725 which is 161.8 Fibonacci Extension of the trend;
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Given all of the above:

Moving down to the H1 time frame for execution, we have:

- Strong break of ascending Trend Line;
- Retracement to a 50 Fib level + key level which has been Resistance for 3+ times
- Bearish rejections to the down side of 0.767;

Entry Trigger:
3+ Bearish Rejections on 5min;

Stop Loss:
3 pips above Trigger Candle's High;

Target Profit:
Previous Low at 0.76100;

Trade Management:
Set and Forget;

Trade closed: stop reached:

-1R

Comment:

Taking into consideration the wicks on the lows which indicate buying pressure, may prevent us from entering losing trades;

Note taken: Expect a strong candle with close near the high/low to fully validate momentum.