CAD/CHF Price Analysis: Bulls getting set-up for daily extension

CAD/CHF is consolidating along a key support area on the daily and 4-hour charts.
Bulls will be seeking a continuation of the daily impulse.

Ross J Burland FXStreet

In the following analysis, it is shown how the price has made a 50% mean reversion of the bullish trend, raising prospects of a continuation to the upside.

Daily chart

The price has stalled at resistance and has subsequently pulled back to test prior structure as support.

The correction is significant enough to now expect a continuation to the upside.

4-hour

As illustrated, there is a high probability trade setup located on the 4-hour chart that offers a 1:3 risk to reward ratio from a fill at the buy limit order, stop loss below structure and the take profit in the 0.70 area.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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