There are multiple strong Divergences on the CAD/CHF 4H Chart - this might be an indication of a trend reversal in the next hours.
The last candles show an interesting picture: obviously, there was a very strong uptrend in the last few days. The Price broke through the resistance level R1 and then moved up to the next level.
Eventually, R2 was crossed by a huge green candle but the next candle that was slightly above R2 formed a Doji Candlestick. At the time of this writing, the current candle is red. The Doji could be a sign of indecision - the whole formation and the fact that this is happing above R2 could indicate a trend reversal.
The bearish divergences and the fact that RSI is overbought do support the idea of a trend reversal.
The weekly Pivot Point is still untouched - so the price might drop to this level (0.72366).
The last candles show an interesting picture: obviously, there was a very strong uptrend in the last few days. The Price broke through the resistance level R1 and then moved up to the next level.
Eventually, R2 was crossed by a huge green candle but the next candle that was slightly above R2 formed a Doji Candlestick. At the time of this writing, the current candle is red. The Doji could be a sign of indecision - the whole formation and the fact that this is happing above R2 could indicate a trend reversal.
The bearish divergences and the fact that RSI is overbought do support the idea of a trend reversal.
The weekly Pivot Point is still untouched - so the price might drop to this level (0.72366).
Trade closed manually
I'd say this was a huge move into the predicted direction. On the way down, a bullish CCI Divergence appeared and the price went up a little bit before it kept falling.Not sure about this divergence, price might start to rise again so I'd rather recommend to get out of this trade - it can already be considered as a huge success!
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⚡ ProTrend buy.stripe.com/4gweV49BN5Be4da8wx
⚡ GET THE CCIDivergence STUDY FOR FREE: bit.ly/CCIDivFree
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.