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CADCHF | Daily Chart Analysis | Patterns for Strategic Trading | FOREX

Published: 23.02.2024
by Joseph Jeffriess

Hello fellow traders, thank you for joining me for today’s update. Our focus today is on the CADCHF pair as observed on the daily chart. It appears that we are witnessing the development of a continuation pattern.

Examining the price action, we notice a retracement which reached a point of consolidation, establishing support within the moving averages before forming a reversal bar.

The buying activity today has the potential to form a confirmation bar, particularly if we witness a surpassing of yesterday’s high. Stay tuned for further developments!

Today’s focus: CADCHF

Pattern – Continuation
Support – .6502
Resistance – .6540 – .6549

We have run over entry ideas and warning signs if sellers break certain levels. If buying continues, we want to see resistance beaten and possibly a test of .6590 on a new trend extension higher.

Good trading.

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