These are tricky times and the impact of economic news and war activity make trading more difficult than usual. When the price of oil goes up, CAD does get a benefit but the situation can always change abruptly without warning. Bearing this in mind, I would suggest taking a closer look at a possible long opportunity on CADCHF.
Starting as usual on the daily chart, we see a preceding bear trend that formed a nice base around the 0.560 – 0.563 area. In the last few days, the pair now trades above the 50 ema and is being supported by it. This gives me a bullish bias and I have actually taken a couple of successful long trades in this pair already. The trend is quite early and hopefully we can ride this trend along.
Let us now look at the H4 chart.
We can see a short term s/r zone in the 0.5740 region that has acted both as resistance and now as support. IF we get a pullback to this zone and price gets rejected here, that could be a sign of the bullish trend resuming. In the event that this actually happens, I will be taking a long. However, if price just continues to the upside without pulling back, I will continue to monitor the chart for any similar opportunity that may develop.
Stop can be below the recent major swing low while 0.5820 area makes a logical target.
This is not a trade recommendation.
Starting as usual on the daily chart, we see a preceding bear trend that formed a nice base around the 0.560 – 0.563 area. In the last few days, the pair now trades above the 50 ema and is being supported by it. This gives me a bullish bias and I have actually taken a couple of successful long trades in this pair already. The trend is quite early and hopefully we can ride this trend along.
Let us now look at the H4 chart.
We can see a short term s/r zone in the 0.5740 region that has acted both as resistance and now as support. IF we get a pullback to this zone and price gets rejected here, that could be a sign of the bullish trend resuming. In the event that this actually happens, I will be taking a long. However, if price just continues to the upside without pulling back, I will continue to monitor the chart for any similar opportunity that may develop.
Stop can be below the recent major swing low while 0.5820 area makes a logical target.
This is not a trade recommendation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.