CADCHF → Formation of a pre-breakout consolidation
Updated
CADCHF is preparing for the continuation of the uptrend. The price within the ascending price channel is forming a consolidation against the resistance 0.68220. What to expect from the price?The chart clearly shows a bullish trend. The market is interested in the resistance at 0.68220, which the sellers are defending so strongly. If the price breaks through that area, it might continue rising, and the CHF-CAD will continue going down.
The moving averages show that the market is ready to exit the consolidation. At the same time, the indicator acts as support. The nearest target, which the price can strive for, is the resistance at 0.69312 level.
Support levels: SMA-50, trend support, 0.67194
Resistance levels: 0.68030, 0.68220
I expect the consolidation aimed at breaking the resistance will break the level in the nearest future. After the breakdown of the level I will be waiting for the strengthening of the currency pair to the upper boundary of the trend.
Regards, R.Linda!
Comment
Consolidation continues
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