CAD/CHF price has been in an ascending channel for a few weeks. We can see the resistance zone level (1) @ 0.6921 where price has touched at this level, retraced back to the support line of the channel before reaching resistance again, and breaking through to the resistance line of the channel pattern (2). Price then rejected at this line and reverted back to the resistance zone (1) which has acted as a new level of support as we see the price reject this zone and moving upward to the resistance line of the channel (4).
What Now? with price in a zone where price has reached in previous highs and reverted down (marked by the purple bar), the price could either reject the resistance line of the channel again of we could see price break through this resistance zone.
I will be watching this pair when the market opens later tonight and will be looking for confirmation of a breakout or confirmation or rejection. I believe this pair could go either way.
What Now? with price in a zone where price has reached in previous highs and reverted down (marked by the purple bar), the price could either reject the resistance line of the channel again of we could see price break through this resistance zone.
I will be watching this pair when the market opens later tonight and will be looking for confirmation of a breakout or confirmation or rejection. I believe this pair could go either way.