CADCHF POTENTIAL LONG OPPORTUNITYHey everyone how's it going?! Hope all is well and prospering for you! Just wanted to get on here and post some analysis on the OANDA:CADCHF FX pair that I had just recently seen potential opportunity on and wanted to share it on here. So let's dive in!
OK so my chart pretty much explains it all but I will give what I see in a nutshell here for you guys. SO when I was looking at this chart what I had seen first off is that price has been falling rapidly for some time now. Understanding that this pair has been bearish overall since inception basically I am not looking for some market shaking move at this time. But what price had shown me is a potential shift in price action on the daily and weekly timeframe. You can see on the chart price action traits started to shift from making lower highs and lows to now making a fresh new high after forming a higher low. Which displays to me interest enough in this pair for price to "fail" to move as deep even after a sharp seller attempt on the daily. And still decide to have so much demand it pushes upward creating new highs.
SO having that as my foundation I definitely think we can get some follow through on this in the near future. Obviously as "smart" traders we want to let price come to us. Give us a discount like the big boys get...and as you can see I have my level of demand marked where price came out of strong from to look for longs from for a new push to the upside. Like I said I'm not aiming for some new monthly highs. But I do think there is potential here for a nice R:R setup to take!
Hope this made sense look at my chart for full technical breakdown and hope this works out for you! Cheers! God Bless!
IF you liked this post give me a boost and follow my page for more accurate trading content!
