💱 CADCHF - Consolidation before the breakthrough

20 ביוני 2023

CADCHF is forming a triangle. Inside the range, I drew a local upward support line to clearly understand the situation. A consolidation is forming that prepares the price for a resistance breakout.

TA on the high timeframe:
1) A consolidation in the 0.68000-0.67200 range is forming after a rally to 0.68030. Buying market is quite strong
2) The liquidity area, which is interesting for the price, is above 0.68000, a false breakdown is possible.

TA on the low timeframe:
1) Price forms a pullback to 0.382 Fibo and returns behind 0.236, confirming a local support line.
2) Nearest retest of the triangle resistance will cause price to go through it.
3) If resistance is broken through, the strengthening of the currency pair will continue. Medium-term target - resistance at 0.69332

Key resistance📈: 0.68030
Key support📉: 0.67827, 0.67727