In today's trading session, we are closely monitoring CADCHF for a potential buying opportunity around the 0.91650 zone.
Technical Outlook: CADCHF has recently formed a double bottom pattern and is now approaching a key support area near 0.91650. This zone is expected to act as a strong level, providing a solid foundation for a possible reversal or continuation to the upside.
Fundamental Outlook: On the fundamental side, inflation in Switzerland is softening, and the SNB’s monetary policy remains dovish, which should lead to further weakening of the CHF. Meanwhile, inflation in Canada remains a significant concern. With that, the BoC is reportedly leaning towards a 50 bps rate hike, as per expectations from Goldman Sachs, which could strengthen the CAD further.
Keep this setup on your radar and monitor for price action signals around the 0.91650 level. Always remember to trade what you see, not what you think.
Trade safe,
Joe
Technical Outlook: CADCHF has recently formed a double bottom pattern and is now approaching a key support area near 0.91650. This zone is expected to act as a strong level, providing a solid foundation for a possible reversal or continuation to the upside.
Fundamental Outlook: On the fundamental side, inflation in Switzerland is softening, and the SNB’s monetary policy remains dovish, which should lead to further weakening of the CHF. Meanwhile, inflation in Canada remains a significant concern. With that, the BoC is reportedly leaning towards a 50 bps rate hike, as per expectations from Goldman Sachs, which could strengthen the CAD further.
Keep this setup on your radar and monitor for price action signals around the 0.91650 level. Always remember to trade what you see, not what you think.
Trade safe,
Joe
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Free Telegram Group:
t.me/joechampion
The 1% Traders Club:
t.me/joechampion
t.me/joechampion
The 1% Traders Club:
t.me/joechampion
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.