Cadchflong
CADCHF is Approaching Its Resistance, Prepare For A Drop Sell below 0.7652. Stop loss at 0.7685. Take profit at 0.7558.
Reason for the trading strategy (technically):
CADCHF is approaching resistance at 0.7652 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 0.7558 (61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89, 5, 3) is also reaching its resistance at 98% where we expect to see a corresponding reaction. A bearish divergence with price has also been identified which contributes to our bearish divergence.
CADCHF CLIMB TOAWRDS 61.8% FIB RETRACEMENT LEVELThe CaddieFranc is still recovering from a sharp nosedive on New Year's 2015 already retracing to the 61.8% level and falling back down toward around 40% fib levels. The pair is expected to continue to regain strength and climb back up to the 61.8% level and ultimately onto the 80-90% level, where it once was before the dive. Expect a slow consolidated/upward climb in the next few months.
CAD/CHF long setupTechnical Analysis: Bias Bullish
- Price has broken above 100-DMA, eyes 200-DMA
- Momentum studies highly bullish
- RSI shows strength at 67 levels with room to run further
- +ve DMI dominance, ADX above 25 and rising in support of trend
- On weekly charts, MACD is on verge of bullish crossover and Stochs have rolled over from oversold levels
Support levels - 0.7560 (100-DMA), 0.7487 (38.2% Fib), 0.7461 (55-EMA)
Resistance levels - 0.7642 (200-DMA), 0.7650 (61.8% Fib), 0.7726 (Aug 22 high)
Good to go long on dips around 0.7575/85, SL: 0.7530, TP: 0.76/ 0.7640/ 0.77
CADCHF approaching first resistance, potential drop! CADCHF is approaching our first resistance at 0.7562 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 0.7429 (horizontal overlap support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off its major resistance where we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Hot and for long term 470 pips, CADCHFFor the next two or three months CADCHF will be your pipcow. CAD being appreciated and CHF devalued causes the pair to rocket. Go long go CADCHF.
CADCHF - Long opportunityGreat opportunity to go long on the pair as we are bouncing off a previous important weekly support. If this bounce persists, we could see a multi-weeks uptrend so I am initiating a long campaign using intra-day time frames.
CADCHF bounce on the weekly trendline CADCHF looking over sold on the RSI and seems to have bounced on the weekly trendline. looks like 400+ PIPS are up for grabs
good luck
CADCHF Potential Launch PadLooks like we will get that throwback to retest the channels and corresponding level. I will be looking for buys between 0.702-0.705.
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.
