CADCHF bulls have reclaimed the momentum after trading back inside the April 16 scam wick’s territory through June 18’s massive sell side liquidity sweeping.

As a result, my June 6’ short trade plan has exited in a loss:

https://www.finlogix.com/analysis/20240606/cadchf-intraday-analysis-and-trading-plan-for-june-6-2024

There are 2 Canadian high impact economic reports on Friday while 1 for Switzerland on Thursday.

Re-assessing the CADCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Long Upper Shadow now a Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Red Long Lower Shadow current is a Green Shaven Bottom

Weekly Candle: Previous close is a Green Body with Equal Wicks current is a Green Shaven Bottom

Daily Candle: Previous close is a Long-Legged Green Spinning Top current is a Green Body with a Longer Head Wick

In today’s analysis, I’m using the retracement points of view from May 27 – June 18 swing high to low move.

Through these points, I’m seeing a complete move. The CADCHF appears to be topping on the weekly and monthly charts.

However, I’m changing my bias instance to bullish.

A strong upward price reversal has occured after the decisive sell side liquidity sweeping under February 29 lows.

This is an aggressive up wave that can become an impulsive one as long pullback supports play out.

To explain further, price has shot up real well since the 23.60% fib retracement that even easily passed through the 50%.

Right now, the next target for the bulls is the 61.80% but a price pullback can occur anytime soon.

In today’s trade plan, I’m focusing on buying setups only.

A dip below the 50% fib level can be a good re-entry of the recent long exits.

This is where I enter targeting the 78.60% take profit mark and a stop loss set through the 38.20% fib level.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

CADCHF Intraday Analysis and Trading Plan For July 1, 2024

Jul 01 2024

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