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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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.