📈🔥 "CADCHF Update: Resistance Break, Bullish Momentum?" 🚀💡
💹 Let's dive into the analysis of this forex pair to identify potential entry and exit points that could signal a new upward trend.
📈 Higher Time Frames:
On the weekly chart, after losing the support at 0.71388, we started to see red candles and a downward trend. However, after hitting the support at 0.63422, we stopped and are now seeing some green candles in shorter cycles of this time frame.
🔍 Previous Analysis:
In our last analysis, it was mentioned that after breaking the resistance at 0.66879, we could open a long position. This did not happen, and after retesting the support at 0.65983, we moved back towards the resistance.
🔄 Trend Line Considerations:
We can consider the previous trend line broken, with a pullback to the last formed high. Alternatively, it can be redrawn for better future usage. This analysis did not yield a position, so let's review the new setup.
📅 Daily Time Frame:
On the daily chart, we reached the resistance again with green candles and the presence of buyers, forming a W pattern. It cannot be considered a Double Bottom pattern, as this forms at market lows to reverse the trend; here, it's continuing the trend.
💪 Resistance Challenge:
Sellers failed to break the support at 0.66021, and we moved back towards the resistance. We have taken orders from this area in the past, so this time, breaking the resistance should be easier to continue the trend.
🚀 Long Position:
Upon breaking the 0.66875 line (even if the current candle closes in this manner), we can open a long position. However, I recommend setting a logical stop loss to stay with the trend if it turns into a long-term move.
📉 Short Position:
Two setups can be considered for a short position. First, if the daily candle rejects this area and after breaking the trend line and stabilizing below the 0.66021 trigger line, we can open a short position. Second, if we close above the resistance today, then reverse and engulf the candle the next day, we use our fake breakout setup. In this scenario, move to a lower time frame and open a short position after breaking the first trigger.
📊 RSI Usage:
If you use RSI, breaking the resistance line at 63.13 can confirm a long position. Breaking 72.38 would put us in overbought territory, likely indicating a powerful upward trend.
🔻 Support Levels:
0.66021 , 0.64926 , 0.63422
🔺 Resistance Levels:
0.68035 , 0.69295
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📈 Higher Time Frames:
On the weekly chart, after losing the support at 0.71388, we started to see red candles and a downward trend. However, after hitting the support at 0.63422, we stopped and are now seeing some green candles in shorter cycles of this time frame.
🔍 Previous Analysis:
In our last analysis, it was mentioned that after breaking the resistance at 0.66879, we could open a long position. This did not happen, and after retesting the support at 0.65983, we moved back towards the resistance.
🔄 Trend Line Considerations:
We can consider the previous trend line broken, with a pullback to the last formed high. Alternatively, it can be redrawn for better future usage. This analysis did not yield a position, so let's review the new setup.
📅 Daily Time Frame:
On the daily chart, we reached the resistance again with green candles and the presence of buyers, forming a W pattern. It cannot be considered a Double Bottom pattern, as this forms at market lows to reverse the trend; here, it's continuing the trend.
💪 Resistance Challenge:
Sellers failed to break the support at 0.66021, and we moved back towards the resistance. We have taken orders from this area in the past, so this time, breaking the resistance should be easier to continue the trend.
🚀 Long Position:
Upon breaking the 0.66875 line (even if the current candle closes in this manner), we can open a long position. However, I recommend setting a logical stop loss to stay with the trend if it turns into a long-term move.
📉 Short Position:
Two setups can be considered for a short position. First, if the daily candle rejects this area and after breaking the trend line and stabilizing below the 0.66021 trigger line, we can open a short position. Second, if we close above the resistance today, then reverse and engulf the candle the next day, we use our fake breakout setup. In this scenario, move to a lower time frame and open a short position after breaking the first trigger.
📊 RSI Usage:
If you use RSI, breaking the resistance line at 63.13 can confirm a long position. Breaking 72.38 would put us in overbought territory, likely indicating a powerful upward trend.
🔻 Support Levels:
0.66021 , 0.64926 , 0.63422
🔺 Resistance Levels:
0.68035 , 0.69295
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
