TradingShot

CADCHF Starting a rally to 0.78000

Long
FX_IDC:CADCHF   CANADIAN DOLLAR / SWISS FRANC
The CADCHF pair has been trading within a very long-term Channel Up since the July 31 2020 Low. Our most recent idea back in May was focused around the incredible sell opportunity that we were handed when the price hit the top (Higher Highs trend-line) of that Channel Up:


As you see the strategy was successful and the pattern played out exactly as expected. The price made a new Higher Low on August 15 and rebounded. Now it is back above both the 1D MA200 (orange trend-line) and the 1D MA50 (blue trend-line), indicating that this is the start of the new rally to a long-term Higher High. This notion is further strengthened by the fact that the 1D RSI and MACD indicators between June - August 2022 and July - September 2021 are identical. Our first target is the previous Higher High and now Resistance of 0.78000.


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