CAD CHF Bearish retracement then Bullish to weekly
Based on my analysis of the chart, this is my thoughts.
Weekly support and resistance shown in red. Price is approaching.
Daily is generally upward trend. Not at resistance yet.
4 hour resistance line is shown in yellow.
1 hour shows hanging man candle stick which is bearish reversal. Therefore I believe price would retrace back to the 61.8 level as indicated by yellow box and coincides with retracement. A Reward to Risk of 3:1 (15:5pips)can be achieved for this with entry just below candle stick.
The second stage would be to watch for signs of reversal at the Yellow box. Price may reverse back up to resistance therefore a potential Reward Risk of 2.2:1 (34:15)
Will continue to monitor.
Weekly support and resistance shown in red. Price is approaching.
Daily is generally upward trend. Not at resistance yet.
4 hour resistance line is shown in yellow.
1 hour shows hanging man candle stick which is bearish reversal. Therefore I believe price would retrace back to the 61.8 level as indicated by yellow box and coincides with retracement. A Reward to Risk of 3:1 (15:5pips)can be achieved for this with entry just below candle stick.
The second stage would be to watch for signs of reversal at the Yellow box. Price may reverse back up to resistance therefore a potential Reward Risk of 2.2:1 (34:15)
Will continue to monitor.
Price continued bullish momemtum.
Will watch area on new chart due to strong resistance and coinciding trendline.