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...
. There is a possibility of temporary retracement to suggested support line (0.6885). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CADCHF is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
CADCHF Buy Entry : 0.68755
Stop Loss : 0.68605
Multiple TP options shown below:
TP1 : 0.68956
TP2 : 0.69156
TP3 : 0.69556
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter.
Still time to enter this buy...
Similar to CJ, CADCHF has been trading within a very corrective structure for just over a month. On Friday we saw this pair close its weekly candle below this lower time frame ascending structure. To get involved, I would be looking for some sort of continuation pattern and I would be targeting the bottom of the expanding, or the double bottom area at 0.67450.