CADCHF Held By Trendlines! Where Would It Go Next?
Have a look at the main weekly TF chart of this pair. Its a very tricky pair to trade if you look closely at it but if you look at the monthly TF, you will notice the price is rangebound for quite some years now. The red horizonatal lines represent the concrete support and resistance levels taken from the monthly charts.
From the main chart, it can be seen that the price is held by various trendlines. It would be hard to explain here what could potentially unfold but if you look at the main chart, you would understand everything more clearly!
On long term bias i am SHORT on this pair, but for weekly TF it could go anywhere but i believe LONG move upwards would be limited and the price would eventually come down and test the lower end of the range.
This just represents my analysis on this pair. shall the trade criteria meet i will post the details in a new post. cheers
From the main chart, it can be seen that the price is held by various trendlines. It would be hard to explain here what could potentially unfold but if you look at the main chart, you would understand everything more clearly!
On long term bias i am SHORT on this pair, but for weekly TF it could go anywhere but i believe LONG move upwards would be limited and the price would eventually come down and test the lower end of the range.
This just represents my analysis on this pair. shall the trade criteria meet i will post the details in a new post. cheers
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