Chapter 40 CADCHF in range zone
29/05/2023
Summary
Negative GDP expectations in Switzerland lead the market
Fundamental analysis
Fundamentally in this pair, We have a major data release coming tomorrow in Switzerland the GDP and KOF Economic Leading indicators both the negative expectation which will give weakness for the CHF, On the other hand, we see from last week all data releases in Canada was positive which we can see that give the strength in the CAD.
Switzerland KOF Economic Leading Indicator
Prev.: 96.4
Fcst: 95.8
Switzerland GDP YoY
Prev.: 0.8%
Fcst: 0.7%
Technical analysis
In this 1-hour diagram chart, the market price now is 0.66424, we expect the market to push the price down to the previous demand zone at 0.66250 and open in gab down inside this demand zone and from that point, the market will push the price up Through the earliest supply zone at 0.66600 breakouts and pull back action and the price will keep pushing up to the oldest supply zone at 0.66850 with the 20-moving average point up.
Trading Recommendation
Trading Direction: Long
Entry Price: 0.66546
Target Price: 0.66854
Stop Loss: 0.66375
