CADCHF has been trading in a clear rising channel for a while, where the latest bearish dip was probably a mere correction following the earlier breakout above 0.8400, the sell-off pulled the price back to retest that broken resistance, which successfully changed role to support and the price was rejected, in an attempt to resume the overall bullish trend within the context of the nicely drawn rising channel.
If to trade this channel, i would look to long the pair near 0.8465 level, with an initial target near the latest swing high at 0.8585, followed by the ceiling of the channel, which is a dynamic target. Only a break with stability(at-least a daily closing) below 0.8400-0.8380 major support would threaten for a reversal
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Technician
If to trade this channel, i would look to long the pair near 0.8465 level, with an initial target near the latest swing high at 0.8585, followed by the ceiling of the channel, which is a dynamic target. Only a break with stability(at-least a daily closing) below 0.8400-0.8380 major support would threaten for a reversal
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician