Home Technical Analysis CADCHF: Trading range support offers potential trade setup

CADCHF: Trading range support offers potential trade setup

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Over daily studies, the CADCHF pair has found a string support in the 0.7585 regions, which pushed the pair mildly upwards since the opening of this week.

cadchf-daily-20-05-2015-fxcomment

Sideways trading range has been traced starting from February 2015 and its support may protect the recently established bullish impetus, as traders may aim to re-test its upper once again.

Still, technical indicators didn’t adopt a favorable reaction to the current week bullishness but they improving with RSI14 attaching the value of 50.00 and Vortex turning slightly positive.

Areas of 0.7750 is the clue for bulls; however, long positions are preferable as long as 0.7585 holds.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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