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R.Linda Trading - forecast

Trading signals for #CADCHF → reversal set-up. Resistance retest

2023-05-15 08:15 FOREX forecast

CADCHF has been in a descending price channel for a long time. False break-down of the resistance does not give much result and the price comes back to the retest of the resistance.

Because we have a downtrend within the range, it was logical to expect a fall after a false-break, but the support level at 0.66247 holds the price back and after a false-break the currency pair returns to the retest of the upper border of the channel.

A global reversal set-up is formed on the chart, the base of which is the level of 0.66365. If this zone is breached (channel resistance passes here as well) the price may show a strong bullish momentum.

Strong support: 0.66247, 0.6597

Strong resistance: 0.66365, descending border of the channel

I expect that in the nearest future the price will be able to break the mentioned resistance and continue the attempt of trend change, which may be successful.

R. Linda

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