CADCHF..preferred to sell below 8325 or at 8390 if i see resistance and here are the reasons :
1- X A B in black now fibonacci 78.6 from X A beside three impulsive waves from A .
2-Completion of five waves.
3-Three days of weakness.
4-fibonacci retracement extension from RED A B 161.8.
5-Weakness in the...
CADCHF is still trading in channel. The 833 level seems to be a strong res. PA is currently trading at 835 levels and still no strength to make new highs. With nice RSI divergence a ret. to 8284 or 824 should happen soon.
Are we good to go? Is it a higher low, nicely placed at the lower median line parallel of the blue fork? It looks like CADCHF has found nice support at the 0.382 retracement, which is way above the half-way of the May rally and thus seems to be a factor conducive to further up trend advancement. I find the CAD to be very strong and to have a lot of latent bullish...
One of the strongest trends of the recent days have allowed this market to recover more than 61.8% of the last swing down (seen on a daily chart). Now 0.83 is in sight. It can be reached and breached, as such strong markets tend to test the upper median line parallel.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume...
I find the CAD the strongest currency at the moment, although it's not as strong as the CHF is weak. Anyway, this combination definitely favours a long position. But it's probably not the best moment to buy it yet, as the CAD got relatively overbought and the CHF is in a rising phase of its momentum cycle. That's why I decided to wait for a better buying...
This is an added comment to an idea published by Razvan titled "CADCHF - BEAUTIFUL PRICE ACTION "
A Well formed and long lasting downward channel plus an inverted Head and Shoulders. Confirmed trade target with Fibonacci Retracement and Extension.
1 Canada is in a bad financial situation. Add to that the end of QE in the US, the falling consumer confidence in Canada. The lack of inflation that is causing huge problems... etc etc..
2 On the other hand The CHF has remained strong for decades and doesn't have to obey the ECB like most European countries.
The big picture ? It's obviously down there...
Look at this beautiful price action. The price is pressuring on the trend line of a down channel and the base line of an Inverted Head and Shoulders. If it will manage to break and close above this area we could expect a rally to 0.8527, where it will find the price pattern's target. A false breakout here could only signal a continuation of the down trend.
We have a confluence of factors: price at 50 SMA, which is also the 50% Fibonacci retracement from the swing low to swing high, which is also a previously established support level, all reinforced by what could be regarded as a bullish checkmate candlestick pattern. So, I'm long CADCHF at 7976, with a stop at 7902 and a target profit at 8300.
