Price showing rejections around the 78.6% fibonacci level and also at around a strong support region in addition with candlestick bullish signs like the Bullish hammer and engulfing candle.
Take profit would be near the resistance region
When you take a look at the Daily timeframe, you could clearly see that the general trend of price is in the downtrend, for the fact that price couldn't break through the previous lower high. Last week Friday's daily candle closed in a doji form warning us of a bearish pressure coming in soon. In the H4 timeframe, Price kept rejecting that zone onwards signalling...
Per the CPI news that came from the US economy, It pushed price to the downside below the 12262 support but later closed above the psychological level of the same 12262 region. Hence there is a potential move to the upside of 12316 region. Thus anticipating some level of dollar strength coming in across the major usd pairs.
Currently, CadChf has made a third touch of the H4 downward channel. This is coinciding with the major resistance area and an ascending triangle formation in the H1. Therefore, any bullish weakness should signal a short position on this pair to ride down to the previous lower low of 0.73889
