Ticker tape by TradingView

October 29, 2021

Promising Long Setups On CAD/CHF

Frank Cabibi

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.

A1 Edgefinder

Try for FREE!
or get 20% off the full version using code "READER"
GET FREE VERSION

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
What IPEF Could Mean for US Markets

On Monday, May 23rd, US President Joe Biden unveiled a new trade pact with twelve Indo-Pacific countries called the Indo-Pacific Economic Framework (IPEF). The launching of this deal, coupled with Monday’s news that the Biden administration is considering the merits of rolling back tariffs on imports from China, saw the Dow close nearly 500 points […]

Read More
Breaking Down The SPX500 Trade

This week, I took a trade on the SPX500 that ended up being a successful one by the time it closed. We caught a 29 point move when it was all said and done, and here is the breakdown behind it. Reasons For Buying SPX500 On May 23, I sent out an alert to the […]

Read More
Why Euro Is The Biggest Winner This Week

One of the forex market's worst performers this year now has the potential to become one of the best plays in 2022. On the day, euro is up and is performing stronger against the USD than any other currency as of now. EUR/USD is up 0.36% today. Euro To "Positive Territory At The End Of […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram