👑 CADCHF PRICE ACTION TRADING 🔑 KEY LEVEL TO WATCH👀 AND WHY

👋 Hello Traders! Welcome to today's analysis.

Having monitored this pair for several months and successfully entering a long position above EL: 0.65435, it's time to provide a fresh update on the current state of the pair.


CADCHF showcases a clear Double Bottom pattern. This formation can be traced back to the high on May 22. It's significant to note that this pattern came to light after enduring a downtrend for an entire year. Since that defining point in May, the pair has carved out a distinct double bottom on its weekly chart.

For an extended period, the price has consistently traded and held its ground at 0.64767. A recent upswing, fueled by strong volume, led to a close above our specified entry level (EL) at 0.65435 this September.

At present, the price is navigating its way to the pivotal neckline breakout at 0.68293. With our position at 0.65435, we've locked in our profits, even realizing partial gains at the 0.68293 neckline breakout. We're keenly awaiting a breakout above this threshold backed by substantial volume. If this unfolds, our double bottom validation will set sights on targets of 62% exAB: 0.72059 and 0.73935.

However, the path is strewn with potential obstacles. We anticipate resistance from the AB swing at 38.2% exAB: 0.69204 and 50% exAB: 0.70624. As the price pushes past the 0.68293 neckline breakout, these resistance points will be crucial, especially as we target 62% exAB: 0.72059 and, possibly, 79% exAB: 0.74119.

The rationale behind my target choices is twofold:
1. The esteemed golden extension.
2. The Fibonacci retracement at 70.7, which intriguingly aligns with these target levels.


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TCPLTP