Go Long after the D1 Resistance Broken
Executive Summary: Go long after the price breaks Daily Resistance (R2) on the 4H chart
Macroeconomics: Hedge Funds and institutions have been adding long positions on the CAD and closing out longs on CHF. The CAD had gained strength vis a vis CHF
MultiTimeFrame Analysis.
On the monthly chart, CADCHF is sandwiched between very strongly monthly support and resistance (pink boxes. It had retest support several times and rebounded up.
On the weekly chart, we see an obvious ascending trendline bumping across strong weekly resistance. This is a bullish signal
On the daily chart, the price is ranging between daily support and resistance. Should the pair break above resitance, expect a 50 to 150 pip move skyward.
Macroeconomics: Hedge Funds and institutions have been adding long positions on the CAD and closing out longs on CHF. The CAD had gained strength vis a vis CHF
MultiTimeFrame Analysis.
On the monthly chart, CADCHF is sandwiched between very strongly monthly support and resistance (pink boxes. It had retest support several times and rebounded up.
On the weekly chart, we see an obvious ascending trendline bumping across strong weekly resistance. This is a bullish signal
On the daily chart, the price is ranging between daily support and resistance. Should the pair break above resitance, expect a 50 to 150 pip move skyward.