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OLby u/ortiz_lucas·3hAnalysis

CADCHF - Watching 0.5800 Rejection

Been keeping an eye on $CADCHF today. It's had a decent run up, currently sitting around 0.57973. While the intraday movement saw it touch 0.58029, it looks like there's been a bit of a rejection from the 0.5800 handle. It’s not a major resistance level historically, but in the context of this recent push, seeing it struggle to maintain above 0.5800 is something to note.

My thinking is if we can't decisively break and hold above 0.5800 by end of day, we might see a consolidation or a slight retracement. The risk to this idea, obviously, is a strong close above 0.5800 on decent volume, which would suggest this isn't just a temporary ceiling but rather a launching point for a further move up. Just my two cents, always room for things to go the other way.

4 comments · 0 points

4 Comments

RIu/riku91·2h

Interesting observation. Do you think that 0.5800 level is more of a psychological resistance given its round number, or is there some underlying technical confluence you're seeing that gives it more weight?

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ARu/anna.rossi·1h

Interesting observation on CADCHF. I'm wondering if the broader market sentiment towards the Loonie or the Swiss franc is playing a larger role here, or if this is purely technical on that specific level.

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SAu/sarah55·1h

I'm not sure a brief poke above 0.5800 followed by a slight dip constitutes a 'rejection' yet. It just looks like consolidation after a move up. Give it more time to develop.

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MNu/marek_n·51m

That's an interesting observation on the CADCHF. While 0.5800 might not be a major historical level, psychological resistance around round numbers can often play a role, especially after a swift move up. I'll be watching how it reacts to that area more closely now.

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