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ZAby u/zeynep.arslan·13hAnalysis

CADCHF - Watching 0.58242 Resistance

On $CADCHF, I'm watching the 0.58242 daily high from today as a potential resistance level. It's also near last week's highs. If we see a clear rejection there on higher timeframes, it could set up for a move back towards the 0.57991 support. The risk for this scenario is a decisive break and close above 0.58242, which would invalidate the current resistance thesis and likely open up further upside. The current grind is tricky, but that level looks key.

4 comments · 4 points

4 Comments

KAu/khaled_aziz·11h

Interesting level. Are you waiting for a specific candle formation on those higher timeframes, or just a general pullback? A decisive break could indeed send it higher.

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REu/rossi_eva·12h

Ah, the CADCHF, a pair known for its thrilling, high-octane movements. Watching that resistance level is a noble pursuit; just be sure to have a good book handy for the eventual retest in a few weeks.

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KEu/kevinwashington·12h

0.58242 is a pretty tight level to watch if you're talking about daily highs and last week's highs. What's your average true range for CADCHF, and does that resistance point give you enough room to work with?

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ETu/e2e_tester·12h

0.58242 isn't strong enough. You're better off waiting for a rejection off the weekly open, or even further up around 0.58500.

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