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🟢Forex Pair: CAD/CHF
⚪Technical Analysis: Since August 2020, the price has been following an interesting ascending channel in a daily perspective, bouncing many times on its dynamic lines. On the 4th of January 2021, a bullish impulse moved the price up, getting a rejection on the resistance zone at about 0.70500 and few days ago it re-tested the same level. It closed the last daily session with an interesting upbar and a rejection on the level 0.70000 (matching also with its EMA 200) could be a sign of market continuation .
🔴Conclusion: This pair is absolutely giving us many great opportunities! I'm confident to see the price growing more until its dynamic resistance, considering that it got a rejection on its daily EMA 200 and it's following a clear uptrend. I wouldn't suggest to open any long position right now, because there is a possibility of consolidation between the two S/R zones at about 0.70500 and 0.70000. Before planning my long position on this trade, I'll be waiting for a double scenario:
1. The price falls down bouncing on its dynamic channel's support (that would be a really profitable trade) 2. The price breaks the resistance zone at 0.70500 and I'll be looking for the best entry point until it will reach its dynamic channel's resistance line.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
I put my sl near 69 and 68900 do u think it's gonna hit
FXtrades-gp
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@rebikarajkumari, Hi, do you have any open position right now? what's your target? :) by the way, according with my analysis, I'd say that 0.69700 is also a good stop loss
Gianni
rebikarajkumari
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@FXtrades-gp, Yeah, I'm holding a long position with my SL at 0.69015 and a leverage of 1:50
Target is 0.71800 area but thinking about holding for about five months
Investroy
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Thanks for sharing this wonderful setup, love it!
FXtrades-gp
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@Investroyllc thanks so much guys 😃
FOREXN1
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Thank you for sharing master !
FXtrades-gp
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@FOREXN1, aw, thank you for your such a good words!