Republishing Some of My Favorite Trades : CADCHF (Untouched)
A combination of pattern breakout and trend line breakout. The price could be forming a bottom following the breakout above the neckline of the Inverse head and shoulders pattern and the long term falling trend line.
The price is approaching 0.8212 swing high and potential horizontal resistance, where we might see a pullback from there for a retest of the broken trend line, neckline, which would be an optimum long entry around 0.8080-0.8100, targeting 0.8210 as first target, 0.8335 second and an aggressive one at 0.8525. I would limit my risk to 0.7960.
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My best regards,
Technician
The price is approaching 0.8212 swing high and potential horizontal resistance, where we might see a pullback from there for a retest of the broken trend line, neckline, which would be an optimum long entry around 0.8080-0.8100, targeting 0.8210 as first target, 0.8335 second and an aggressive one at 0.8525. I would limit my risk to 0.7960.
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
