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Cadchfsetup

CAD/CHF Analysis : Bullish movement Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ CAD/CHF has started this week's session with a great Bullish movement crossing all the daily resistance lines and seems to be gaining more momentum by the hour. the bulls will need to get over the 50-day EMA first for the trend to be considered Bullish but At that point, the lower time frames are giving a short-term profit potential. Possible Scenarios for the market : Scenario 1 : The market is trending at 0.73393 right now with a Strong Bullish candle forming for today, If the Bulls were able to hold that momentum then we could be seeing the market continue its Bullish movement and reaching the first weekly resistance line located at 0.73540, From there we will have a small confirmation for this Bullish trend that could lead the price near the 0.74030 where we might see a control battle. the weekly big Bullish target will be 0.74890 zones. Scenario 2 : Looks like the Bulls are in control right now but the Bears may step in and drive the price back down after reaching 0.73540, which could lead to a drop that could end near the 0.7220 level but there are no big signs for that yet, In case that happens a big battle will accrue between the Bulls and Bears at that level and the outcome will determine the direction for the market in the next period of time. Daily Technical indicators show : 1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign) 2) The RSI is at 58.70 showing Great strength in the market. No divergence was found between the market and the indicator. 3) The MACD is above the 0 line indicating that the market is in a Bullish state. With a positive crossover between the MACD line and the Signal line. Daily Support & Resistance points : support Resistance 1) 0.7303 1) 0.7317 2) 0.7294 2) 0.7324 3) 0.7288 3) 0.7332 Weekly Support & Resistance points : support Resistance 1) 0.7220 1) 0.7354 2) 0.7133 2) 0.7403 3) 0.7085 3) 0.7489 Fundamental point of view : The CAD/CHF cross rate has recently spent periods within various trading ranges, and it might be the case that it has established a new one after having broken lower in August. The move back up from that low was fast and it is now trading within a broad range again. no major Fundamental news happening right now that could affect the CAD/CHF market, But the 10-Year Bond Auction that is happening in Canada could have a small impact on the market. This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
Long
by GabiDahduh
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