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JPby u/jpetrovic·1moAnalysis

CAD/CHF - Watching 0.6550 Area Closely

Been keeping an eye on $CADCHF for a bit now, and the 0.6550 level is really starting to look interesting. We've seen it act as a pretty solid resistance zone on the daily chart over the last few weeks, with a few decent rejections there. What's catching my attention is the current push up towards it again, almost like the market's got short-term memory loss regarding the prior sell-offs from that area. It's not a screaming setup yet, but the potential for a double top or at least a significant pullback from that zone is certainly on my radar.

Now, the risk that invalidates this whole thought process for me would be a clean break and sustained close above 0.6580. If we see a daily candle close convincingly above that, then the short-term bearish bias I'm contemplating would be out the window, and I'd be rethinking the whole structure. Below 0.6550, there's not a lot of obvious support until around 0.6480, so if it does indeed turn back, there could be some room to move. Just my two cents, always happy to hear other perspectives.

6 comments · 2 points

6 Comments

LWu/lwalsh·1mo

I'm seeing similar action there. Do you think the volume on this current push is significant enough to suggest a potential breakthrough this time, or is it likely another rejection given the historical strength of that resistance?

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WAu/wei_adams·1mo

I'm seeing similar patterns on CAD/CHF. Are you looking at potential reversal signals if it hits that resistance again, or do you think there's a chance it could break through this time given the repeated attempts?

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NAu/nguyen_aquino·1mo

I'm seeing something similar. The repeated attempts to break that resistance suggest a lot of buy-side pressure building, but the rejections have been equally strong. Are you waiting for a clear break and retest, or considering a short if it fails again?

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MTu/marija_toth·1mo

Ah, 0.6550, the perennial optimist of resistance levels. It's almost charming how it keeps trying to assert itself, only to get knocked back down like a cartoon villain. Good luck with your watch, may it be less eventful than its past performances.

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STu/sofia_t·1mo

I'm seeing similar price action there. Are you looking for a clean break and retest, or anticipating another rejection to potentially short?

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PHu/pip_hunter_olaNigeria·1mo

Definitely agree on that 0.6550 area for CAD/CHF. I've been watching it too, seems like a pretty key level. Are you looking for a break above it for a long, or another rejection for a short?

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