FXtrades-gp

CADCHF: You may consider this LONG opportunity!

Long
FX:CADCHF   Canadian Dollar/Swiss Franc
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🟢Forex Pair:
CAD/CHF

Technical Analysis:
Since January 2021, the price has been following an interesting trendline, moving up until the main resistance zone at about 0.70500, breaking through a daily S/R level at 0.69600 and bouncing few times on its dynamic trendline.
On the 22th of January, the price broke the trendline, re-testing the same level twice before collapsing down under the support level .
It is currently re-testing the S/R level at about 0.69650 and the next price action on this level will be essential to understand the next market movement.

🔴Conclusion:
The current weekly session closed with an interesting pin bar , showing a possible rejection on that level and an upcoming new uptrend.
Also the day session closed with a strong upbar just around the S/R zone.
I'm confident to see the price pushing up until the next resistance zone and I'll be waiting for a clear rejection before planning my long position on this trade.

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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Comments

Excellent job!!
+1 Reply
@Dana16, Hi Dana and really thanks a lot for ur feedback! I really appreciate that :)
Reply
fantastic :D
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks Rich! :)
Reply
Nice chart and trend line
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader thanks a lot ! I really appreciate 😁🙏
Reply
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