Recommendation: BUY
Current Trend: Short and med-term up. Long-term sideways to up.
Strategy: Buy at current levels for the short and med-term.
- The CADCHF (Canadian/Swiss) currency pair is breaking out of a short-term falling wedge (lines 3 and 4). This is within the context of a massive ascending triangle (lines 1 and 2), that is also breaking out.
- Its weekly Stochastic still has upside potential and is not overbought.
- Buy at current levels or better for both the short-term (days/weeks) and the med-term (weeks/months).
- The first target is 0.7937, based on wedge 3-4. Then its larger, med-term target is 0.8545, based on the large triangle. (It’s currently trading at the 0.7865 level).
- Short-term stop-loss is a close below 0.7788. And med-term stop a bit lower, as a close below 0.7700.
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