CADCHF is displaying an ascending channel since September 21st. We can see price ranging upward between these two support and resistance channel lines.
Currently, the price is at the 200 EMA. There is a single 4H bullish candle forming at the 200 EMA which is s slight sign of bullish rejection here. This suggests that we could see price reject at the 200 EMA and the support line to move upward toward the resistance long. Following more confirmation by a bullish 4H candle, I would be taking a long position.
However, the 4h bullish candle could be a false signal. Sometimes, the price can break through the support level and the 200 EMA to become bearish. Should the price break below both the support level and the 200 EMA, I would take a short position on this pair.
Until then, we wait for confirmation of either a bullish move or a bearish breakout.
Currently, the price is at the 200 EMA. There is a single 4H bullish candle forming at the 200 EMA which is s slight sign of bullish rejection here. This suggests that we could see price reject at the 200 EMA and the support line to move upward toward the resistance long. Following more confirmation by a bullish 4H candle, I would be taking a long position.
However, the 4h bullish candle could be a false signal. Sometimes, the price can break through the support level and the 200 EMA to become bearish. Should the price break below both the support level and the 200 EMA, I would take a short position on this pair.
Until then, we wait for confirmation of either a bullish move or a bearish breakout.