Hello Traders,
Here is the Top-Down Analysis of CADCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market tested monthly support and started an upward move after rejection.
W > Price went up and dropped from resistance to complete W formation.
D > Price was moving in a rising channel, as projected price climbed high and after a Doji/dragonfly sharply dropped down breaking channel support. Price is now in consolidation in range of about 70-80 pips.
As per COT CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H> Price has support of downward trend line, however also struggling to break above resistance level as well. We expect price to make another attempt to break resistance level.
Pair Correlation > CADCHF has positive correlation with GBPCHF and negative correlation with EURCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of CADCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market tested monthly support and started an upward move after rejection.
W > Price went up and dropped from resistance to complete W formation.
D > Price was moving in a rising channel, as projected price climbed high and after a Doji/dragonfly sharply dropped down breaking channel support. Price is now in consolidation in range of about 70-80 pips.
As per COT CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H> Price has support of downward trend line, however also struggling to break above resistance level as well. We expect price to make another attempt to break resistance level.
Pair Correlation > CADCHF has positive correlation with GBPCHF and negative correlation with EURCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
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Update: Bang on....... CADCHF has met our target. Traders following the idea can exit the trade. 👍🏼👍🏼
