CADCHF: The price is FOLLOWING a strong ASCENDING CHANNEL
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🟢Forex Pair:
CAD/CHF
⚪Technical Analysis:
Since August 2020, the price has been following an interesting ascending channel in a daily perspective, bouncing many times on its dynamic lines.
On the 4th of January 2021, a bullish impulse moved the price up, getting a rejection on the resistance zone at about 0.70500 and few days ago it re-tested the same level.
It closed the last daily session with an interesting upbar and a rejection on the level 0.70000 (matching also with its EMA 200) could be a sign of market continuation .
🔴Conclusion:
This pair is absolutely giving us many great opportunities! I'm confident to see the price growing more until its dynamic resistance, considering that it got a rejection on its daily EMA 200 and it's following a clear uptrend.
I wouldn't suggest to open any long position right now, because there is a possibility of consolidation between the two S/R zones at about 0.70500 and 0.70000.
Before planning my long position on this trade, I'll be waiting for a double scenario:
1. The price falls down bouncing on its dynamic channel's support (that would be a really profitable trade)
2. The price breaks the resistance zone at 0.70500 and I'll be looking for the best entry point until it will reach its dynamic channel's resistance line.
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:
Since August 2020, the price has been following an interesting ascending channel in a daily perspective, bouncing many times on its dynamic lines.
On the 4th of January 2021, a bullish impulse moved the price up, getting a rejection on the resistance zone at about 0.70500 and few days ago it re-tested the same level.
It closed the last daily session with an interesting upbar and a rejection on the level 0.70000 (matching also with its EMA 200) could be a sign of market continuation .
🔴Conclusion:
This pair is absolutely giving us many great opportunities! I'm confident to see the price growing more until its dynamic resistance, considering that it got a rejection on its daily EMA 200 and it's following a clear uptrend.
I wouldn't suggest to open any long position right now, because there is a possibility of consolidation between the two S/R zones at about 0.70500 and 0.70000.
Before planning my long position on this trade, I'll be waiting for a double scenario:
1. The price falls down bouncing on its dynamic channel's support (that would be a really profitable trade)
2. The price breaks the resistance zone at 0.70500 and I'll be looking for the best entry point until it will reach its dynamic channel's resistance line.
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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