60 Pips Of Forex Profit By Doing This…

Thurs 4th May 2023 : Daily Currency Strength Analysis

Today we’re looking at Trading Setups in:

• CADCHF (Primary Focus Pair)
• CHFJPY (Covered in Video)

Primary Focus Pair: Overview

CADCHF

In the previous video we identified a short trading opportunity on CADCHF.

Today, the tables are suggesting the CADCHF price could trade even lower.

However, we have hit our 60 pip targets at the major lows of 0.6500.

Would it make sense to short again at this key low?

The answer is no. 

We traded short yesterday because price still had a high probability of reaching 0.6500 support.

Now 0.6500 has been tested, those sellers would likely take profits, causing prices to move higher. 

If price were at a level of resistance, say 0.6625, then we would look for a short trading opportunity back to 0.6500 again.

However price is not currently at resistance and we should walk away until it is. 

Alternatively, if price trades to the downside through 0.6500 support, then rallies and retests the 0.6500 level, this time as resistance, we can again look for further selling opportunities.

Technical Observations:

• CAD is W1 and CHF is S2.
• Price has hit our 60 pips targets at 0.6500.
• If the price breaks and retests this level it could offer further selling opportunities.
• However, being at major support, the price is likely to trade higher again.

Todays 9am (BST) Forex Strength Vs Weakness Tables: