Hi Guys,
The CAD CHF has faced relentles selling for quite some time now and bears have just kept grinding the price further and further down. It seems that we may have come to a bottom for the time being at least and we may get a reversal. The AUD CHF has also strengthened and the CHF JPY is finally showing some weakness after a massive run up over the last two years. I'm not across the board with macro factors apart from keeping an eye on news events so I'm not sure what the change in sentiment against the Swiss Franc but the charts tell the story.
Currently this pair has made CHOCH and BOS on the 1 hour time frame and I am looking at a pullback into the orange highlighted boxes to initiate a long trade. Those boxes have the 20MA 50 MA and the AVWAP from the low acting as potential strong support as well as the usual reisitance support flip.
A harmonic bat pattern has formed with entry coinciding with the red box highlighted resistance zone. Looking left that zone has been used recently on numerous occasions as both support and resistance so its highly likely price will react to it when it reaches there. 4hr RSI is in overbought and showing divergence so we may well see a drop in price hopefully only to the support area I mentioned and not further down.
I will be looking for a sell setup around the resistance zone down to take profit at the first buy zone and initiate a long position if I can see clear support and get a nice setup.
Safe Trading all
The CAD CHF has faced relentles selling for quite some time now and bears have just kept grinding the price further and further down. It seems that we may have come to a bottom for the time being at least and we may get a reversal. The AUD CHF has also strengthened and the CHF JPY is finally showing some weakness after a massive run up over the last two years. I'm not across the board with macro factors apart from keeping an eye on news events so I'm not sure what the change in sentiment against the Swiss Franc but the charts tell the story.
Currently this pair has made CHOCH and BOS on the 1 hour time frame and I am looking at a pullback into the orange highlighted boxes to initiate a long trade. Those boxes have the 20MA 50 MA and the AVWAP from the low acting as potential strong support as well as the usual reisitance support flip.
A harmonic bat pattern has formed with entry coinciding with the red box highlighted resistance zone. Looking left that zone has been used recently on numerous occasions as both support and resistance so its highly likely price will react to it when it reaches there. 4hr RSI is in overbought and showing divergence so we may well see a drop in price hopefully only to the support area I mentioned and not further down.
I will be looking for a sell setup around the resistance zone down to take profit at the first buy zone and initiate a long position if I can see clear support and get a nice setup.
Safe Trading all
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.