I like CADCHF here on daily. Price broke down out of a channel, broke recent lows around 0.9500 and formed a pinbar on Friday. Looks like first FTA would be at 0.9400, and it's a strong level, so there needs to be consideration for it. But if we break below, there's lots of space to the downside. If we stall and break back up, things still look good for long if it re-enters the channel.
It looks like it's coming off the top trendline of a channel on the weekly. So that's working in our favor for a short too.
My biggest concern is whether this counts as a swing high or not, as I have a hard time identifying those. I don't know that we are, but action seems to indicate that it moved up and was met with lots of downward pressure, so maybe it's a shallow swing.
It looks like it's coming off the top trendline of a channel on the weekly. So that's working in our favor for a short too.
My biggest concern is whether this counts as a swing high or not, as I have a hard time identifying those. I don't know that we are, but action seems to indicate that it moved up and was met with lots of downward pressure, so maybe it's a shallow swing.