CADCHF: A SHORT term opportunity on this PULLBACK!
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🟢Forex Pair:
CAD/CHF
⚪Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been moving creating an interesting ascending triangle pattern, bouncing on its dynamic support line in July, October 2020 and also in January 2021.
In the daily time frame, the price clearly got many rejections on a strong resistance zone at about 0.70400 and it's now moving in the opposite direction, with a possibility to see the price retesting the main weekly trendline.
In the h4 time frame, since the end of December 2020, the price has been following a strong ascending channel and it broke it on the 22th of January.
It has currently broken a daily S/R level at about 0.69650 and the next price action will be essential to understand the next market movement.
🔴Conclusion:
In a long term I definitely want to see the price growing more but I'm confident to see it collapsing down until to retest the main trendline.
I'll be waiting for a pullback on the S/R level at about 0.69750 before getting a short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
CAD/CHF
⚪Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been moving creating an interesting ascending triangle pattern, bouncing on its dynamic support line in July, October 2020 and also in January 2021.
In the daily time frame, the price clearly got many rejections on a strong resistance zone at about 0.70400 and it's now moving in the opposite direction, with a possibility to see the price retesting the main weekly trendline.
In the h4 time frame, since the end of December 2020, the price has been following a strong ascending channel and it broke it on the 22th of January.
It has currently broken a daily S/R level at about 0.69650 and the next price action will be essential to understand the next market movement.
🔴Conclusion:
In a long term I definitely want to see the price growing more but I'm confident to see it collapsing down until to retest the main trendline.
I'll be waiting for a pullback on the S/R level at about 0.69750 before getting a short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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