the cadchf is in range bound conditions on weekly from a long period of time. right know it is retracing from a downward move. i am expecting a short oppertunity if market fails to break the the upper trendline. the other significant thing is the 200 ema. it often acts as dynamic support or resistance. in this case it can act as resistance as it is approching the trendline . if price give us a signal i will look to go short and my target will be the support lvl of range
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this is the weekly chart. see the area market with yellow rectangle. a very nice range
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the 4 hour chart is also showing a snaller range i have marked on chart. we can see a fake breakout next week which can test the trendline and reverse for downward.
keep an eye on it
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we have broken the trendline and 200 ema. let's see next week if market retest the trendline and hold above it, then we can open a long. otherwise we will be looking for short according to originall idea
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.