CADCHF: Buy the Pullback
-INTRODUCTION-
Two weeks ago, CADCHF has reached a new higher high at 0.7800 level. As we forecasted in our previous CADCHF analysis, we expected the price to retrace and retest the support level of 0.7500, which is also the previous resistance level that was tested multiple times. The price nicely retraced and formed an ascending triangle pattern at the 0.7500 level. The price recently broke above the pattern; therefore, we have entered our buy limit orders.
Buy Limit Order: @ 0.75180
SL: 0.74450
1st Target Area: 0.75950
2nd target: 0.7680
3rd target: 0.7800
1% risk
The previous high at the 0.7800 level is a new high since 2019. Thus, the price should have another retest of the level.
Check out our previous CADCHF thought process and other similar trading ideas below :)
Two weeks ago, CADCHF has reached a new higher high at 0.7800 level. As we forecasted in our previous CADCHF analysis, we expected the price to retrace and retest the support level of 0.7500, which is also the previous resistance level that was tested multiple times. The price nicely retraced and formed an ascending triangle pattern at the 0.7500 level. The price recently broke above the pattern; therefore, we have entered our buy limit orders.
Buy Limit Order: @ 0.75180
SL: 0.74450
1st Target Area: 0.75950
2nd target: 0.7680
3rd target: 0.7800
1% risk
The previous high at the 0.7800 level is a new high since 2019. Thus, the price should have another retest of the level.
Check out our previous CADCHF thought process and other similar trading ideas below :)
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