CADCHF → Price is squeezing to 0.68000

Jun 19, 2023

CADCHF is forming a trend change. On the chart, we see an upward price channel, within which the price rests against the key resistance at 0.68000. What can we expect from the price in the nearest future?

Resistance at 0.6800 has been forming since the end of March and has numerous confirmations. We can interpret the price squeeze to the level as consolidation of the buyers and gradual readiness of the market to break through this area in order to strengthen the price.
Earlier there was a false breakdown of the trend support, after which the price forms an active bullish impulse.

Support levels: lower trendline, MA-50, 0.67630, 0.67194.
Resistance levels: 0.68030, 0.69312
I expect that gradual rise in price to the resistance level after the next retest will break this area and the bulls will be able to continue the growth with the aim to reach the level of 0.69312.

Regards R.Linda!

Jun 20, 2023

Note

A bounce from resistance
Consolidation continues. New resistance retest is forming

Bulls continue to press the 0.68000 level