Watching CADCHF closely around this recent high
Hey everyone,
Just wanted to share what I'm looking at on $CADCHF this morning. It's pushing up near its intraday high around 0.5824, which aligns with some resistance I've had marked from a few weeks back. It's been a slow grind higher after a period of consolidation, and the recent move feels a bit extended to me, but that's just a feeling, not a hard signal.
What I'm really watching is how it reacts if it breaches and holds above that 0.5825 area. If it can sustain a move higher, say closing above 0.5830 on a daily, then my short-term bearish bias would be invalidated, and I'd reassess for a potential continuation to the upside. Conversely, a rejection here, especially if we see some strong selling pressure develop, could set up for a decent pullback. Not calling for any moves, just laying out my lines in the sand.
I'm seeing similar resistance around that level. Are you looking at a possible double top or a break and retest scenario?