CADCHF Double Bottom to Follow Through?
CADCHF on the 4 hour chart with a nice downtrend and we did break below a major support zone. The daily chart did show a rejection of support now turned resistance but not much more follow through.
I like the 4 hour chart. We see a double bottom as well as a nice engulfing candle. We know where the buyers are at.
I would await a break and close above this resistance/flip zone at 0.7390-0.7400. 0.7480 would be first target.
Ideally would like to see a bit of a pullback here and then a push above this zone. This would also create a higher low giving us more confluence.
I like the 4 hour chart. We see a double bottom as well as a nice engulfing candle. We know where the buyers are at.
I would await a break and close above this resistance/flip zone at 0.7390-0.7400. 0.7480 would be first target.
Ideally would like to see a bit of a pullback here and then a push above this zone. This would also create a higher low giving us more confluence.