CADCHF: Approaching Buy Zone
Currency Pair: CADCHF
Market Outlook and Analysis (2020 WW30)
CADCHF H4 Chart: Pair ranging since beginning of June
This pair fell into a ranging mode since the beginning of June. Now, we seem to be approaching the support zone at again at 0.6880/0.6900 levels. It would be ideal to see a nice bullish reversal candle at the Buy Zone. This will give us an opportunity to go long for a full potential 200 pip move to the upside.
Let’s observe how the price reacts to the Buy Zone
CADCHF H1: Complex RSI BAMM
The CADCHF missed the Bearish Shark entry point by a mere several pips. On hindsight, the Bearish RSI Divergence close to the Sell Zone should have been sufficient to take the short trade, hence missing out on a nice bearish move to the down side.
The setup that we will be looking for this coming week will be to go long at the Buy Zone, which is about 30 pips away. With the complex RSI at the oversold area, we could see a potential bounce up at the beginning of the week, only to test the low (or the Buy Zone) again. This will then give is a very good opportunity to go long on the pair.
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