The EURCAD Performance

Both the inner trend and outer trend broke through creating a high and a higher high. Traders must remember that we are trading a correction and not lose sight of the gap on the major levels.

• Target 1 HIT at price point 1.46053.
• Target 2 HIT at price point 1.47326.

Traders had a choice to hold all the way to target 2 or divide the movement into 2 targets.

Please note that this should not be used as advice. Support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

The USDCHF Performance

This pair is giving us 2 possible signals because the major frames have a bullish thrust to it.

Part 1 is to trade the pair on micro levels to price point 0.92111. Highs and higher highs a formed. Traders should time the trade on shorter time frames according to their strategy chosen. The trade has about 110 pips locked up in the movement.

Part 2, is to trade the pair on minor levels. Holding the trade for a much longer period with over 200 pips to secure. Furthermore, a larger outer and inner trend line has also created a high. Price is now recovering, coming back from a deep retracement. This trade will be more accurate, should the dollar strengthen fundamentally. Therefore traders need to be aware and alert when trading the USD, volatility can drive a lot of aggression into the currency.

• Take profit 1 at price point 0.94251.
• Take profit 2 at price point 0.97801.

The ideal breakout area is to wait for the price to break and close above the price point of 0.92111.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thoughts On Today’s Analysis

In conclusion, the analytical update provides a well-rounded perspective on the EURCAD and USDCHF currency pairs, guiding traders with specific entry points, target levels, and risk management strategies. By focusing on both the technical aspects and the inherent risks associated with trading, the analysis equips traders with valuable tools to navigate the complex and dynamic foreign exchange market. Subscribe to our YouTube channel here today.