CADCHF’s long term enjoys a 5-month green streak but the last 2 months including April and May show signs of cooling down. Will we see another leg upward?

To end my Finlogix analyses for today, I am including the CADCHF in my long cross pairs’ list.

There are 3 Canadian high impact economic reports later this evening while none in Switzerland.

Assessing the CADCHF’s high timeframe candles:

Yearly Candle: A Green Body with a Longer Head Wick

Monthly Candle: Both previous and current are Green Long-Legged Doji with Small Body

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Small Green Spinning Top

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long Lower Shadow

On the yearly view, we can see a 2023-2024 double bottom pattern around the 0.63 levels. This is an indication that the cross pair is ready to challenge 2023’s top.

Meanwhile, on the 4H view, we can see a long scam wick on April 19 that got delayed after weaker CAD CPI figures by April 16.

This paved the way in another challenging rally towards the 0.67 resistance level that got rejected first on April 4.

As another set of Canadian CPI figures coming out Tuesday, CADCHF’s price is tightly ranging between 0.6660-0.6680 levels after a successful breakout from a 2-week 0.66-0.6650 sideway consolidation.

I can see 2 possible scenarios as we head on the mid-week.

First, if we see weaker Canadian CPI figures again for the 4th session, sellers will spoil the current tight range to the down side and we revisit the scam wick’s range.

Second, if we see stronger CPI figures, we will see another push up rally that targets April’s external highs as shown above.

Since I’m betting for a second scenario, I will open a long position through the current tight range targeting breakout take profit above April’s external resistances.

In case I am wrong, I’ll be putting a swift stop loss exit only and adjust the next trade plan accordingly.

Let’s see how this one goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

CADCHF Intraday Analysis and Trading Plan For May 21, 2024

May 21 2024

Stop Loss -0.45%

Holding time 8d21hr

0.66699

Entry price

0.66397

Stop loss price

1