FxWirePro

CAD/CHF spikes above 7DMA after bullish engulfing

FX:CADCHF   Canadian Dollar/Swiss Franc
101 0 4
CAD/CHF spikes above 7DMA after bullish engulfing but upswings edgy at 21DMA, major trend drifts in sideways despite hammers:

Bullish engulfing pattern occurred on this pair ever since it takes the major support at 0.7343 levels.

Since then it has jumped above 7DMA and for now, upswings seems slightly nervous near 21DMA even though the momentum in rallies is still visible.

It is currently trading at 0.7481 levels and leading indicators are converging upwards to the rallies. 

Short term trend is mildly bullish bias as long as immediate supports at 0.7431 (7DMA) maintains convincingly. 

On the contrary, any break below 0.7431 would drag below to retest of 0.7343 levels in the short term. 

On the upside, we foresee next near-term targets around 0.7525 levels upon breach above 0.7505 levels. 

Major trend moving in sideways (see price actions in the rectangular area), despite hammer pattern formation on the monthly graph it doesn't seem to evidence upswings. However, a decisive breach above 7EMA (on monthly) can be deemed as the change in direction of the trend.

For intraday trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 0.7505 and lower strikes at 0.7431.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out