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Promising Long Setups On CAD/CHF

10/29/2021

CADCHF fell around 1.80% from the recent highs this week and has finally landed on what could be a promising trade setup. Switzerland's KOF economic barometer beat expectations while Canada's GDP missed by 0.3%.

Our outlook

We are still seeing an improvement in Canada's economy from August even though GDP missed while Switzerland continues to struggle with their national currency and stagflation. An important thing to look out for is the risk-on and off sentiment that could help determine whether CAD or CHF would be bullish. CAD may be starting to look weaker in the short term, however, there is still potential for the pair on the long side.

Trade Setups

CADCHF

Price looks like it is trying to reject the lows in the .73600s and bounce from this support zone. However, if price fails to do so, the 50 and 200 DMA on the 1D chart could prove to be promising support for this pair. There is also a rising trend line on this timeframe that could serve as additional support if price struggles at this support level.

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