I’m seeing strong bullish momentum on this pair, and I’ll just wait for a bit more confirmation on the short-term chart before hopping in.
Long CAD/CHF Idea
This pair has been trending higher inside an ascending channel on its daily time frame, bouncing off support after a tiny double bottom formed. Price has made its way just slightly past the mid-channel area of interest around the .7650 minor psychological mark.
A bit of a pullback is taking place while stochastic is turning lower, signaling that buyers are taking a break for now.
Zooming in to the 1-hour time frame shows that price is moving above a short-term ascending trend line. A test of support is happening, so I think I’ll wait for a bit of a bounce before jumping in at market.
If I’m able to hop in around .7675, I’ll set my sights on the top of the long-term channel near the .8000 major psychological mark. If the trend line breaks, though, I’ll stay on the lookout for a better pullback entry level.
I haven’t decided where to set my stop just yet since this depends on where I’m able to jump in. Care to share your thoughts?
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