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Cadchflong

CADCHF testing major resistance, potential breakout!CADCHF is testing major resistance at 0.7412 (Fibonacci retracement, horizontal swing high resistance) and it's starting to break out of our triangle formation. Our next major resistance is at 0.7434 which is a fibonacci extension, retracement and swing high resistance level. If price does drop, we're seeing it potentially going all teh way down to 0.7366 before 0.7336. Stochastic (34,5,3) is also seeing major resistance at 89-95% where a corresponding reaction could occur.
Short
by Tickmill
CADCHF remain bullish after channel exit Intro: CADCHF has made a bullish exit from its long term channel, we maintain our bullish bias unless it reintegrates. Buy above 0.7400. Stop loss at 0.7360. Take profit at 0.7493. Reason for the trading strategy (technically): Price has made a bullish exit of our long term descending channel signalling that we’re likely to see a change in momentum from bearish to bullish. The important change we’re seeing today is that intermediate ascending support on RSI is starting to provide the bounce required for price to rise further. We look to buy above 0.7400 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7493 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) has also made a bullish exit of its long term descending resistance-turned-support line signalling a corresponding change in momentum too. Intermediate ascending support line shows we might be seeing a bounce soon.
Long
by MEX_Exchange
2
CADCHF bullish channel exit, time to buyIntro: CADCHF has made an exit of its channel signalling a change in momentum, and also providing a great opportunity to buy. Buy above 0.7400. Stop loss at 0.7360. Take profit at 0.7493. Reason for the trading strategy (technically): Price has made a bullish exit of our long term descending channel signalling that we’re likely to see a change in momentum from bearish to bullish. We look to buy above 0.7400 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7493 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) has also made a bullish exit of its long term descending resistance-turned-support line signalling a corresponding change in momentum too.
Long
by MEX_Exchange
2
CADCHF has made a bullish exit, potential for a mega reversal!CADCHF has made a bullish exit of its long term descending channel, this is a huge sign for a potential bullish reversal. Our 1st support is at our breakout level of 0.7386 and we can see two major resistance levels at 0.7439 (Fibonacci retracement, horizontal overlap resistance) and 0.7469 (Fibonacci retracement, horizontal overlap resistance). RSI (55) has also made a corresponding bullish exit from its long term descending resistance-turned-support line signaling that there could be a strong shift in momentum from bearish to bullish. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
2
CADCHF remain bearish but watch for potential channel breakSell below 0.7404. Stop loss at 0.7446. Take profit at 0.7318. Reason for the trading strategy (technically): Price is now testing major resistance at 0.7404 (channel resistance, horizontal overlap resistance, Fibonacci retracement) but we’re also seeing that it might be breaking out of our long term descending channel so we have to be careful and monitor price movement. If price starts reacting off our selling area and reintegrates nicely into the channel, then we can expect a further push down towards 0.7318 support (Fibonacci extension). RSI (89) sees a long term descending resistance line hold the bearish momentum in price really well. However we can also see that there is a chance that it is starting to break out so we have to exercise caution and monitor it closely.
Short
by MEX_Exchange
Double Bottom on CADCHFHi guys, i've been looking at this pair for the whole week, and now i think i've found a nice trading opportunity for a counter trend trade. As you can see price has created a double bottom with RSI divergence in a zone that was already on my radar for being a daily structure area. RSI is in a divergence also in the higher timeframes and that's confirming my point of view. All that said, i'm taking this long, with stops as shown and targets as illustrated below. If you have any question/idea, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
Long on CADCHF. Double bottom in previous structureHi guys, i've been looking at this pair for the whole week, and now i think i've found a nice trading opportunity for a counter trend trade. As you can see price has created a double bottom with RSI divergence in a zone that was already on my radar for being a daily structure area. RSI is in a divergence also in the higher timeframes and that's confirming my point of view. All that said, i'm taking this long, with stops as shown and targets as illustrated below. If you have any question/idea, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
CADCHF on major channel resistance, possible further dropCADCHF is now testing our long term channel resistance once again and a further drop could occur from this level as it has respected the channel so well so far. Our 1st resistance is at 0.7438 (Fibonacci retracement, horizontal overlap resistance) and our next support is all the way down at 0.7368 (Fibonacci extension). Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill