CADCHF is currently having a very strong acceleration that threatens the level of resistance at 0.6950. We can comfortably place our stop entry order at 0.6955, with a stop loss below the short term resistance and the take profit applying the measured move and still get a good risk to reward ratio of 1:2. Definitely a trade to consider.
Thanks Federico! I'd have loved to take this trade but my broker's spread for the CAD/CHF currency pair is over 25 pips! :(
FedericoSellitti
⋅
@marshalliv, wow, really? What broker is that? Very bad spread!
marshalliv
⋅
@FedericoSellitti, ForexTime (FXTM). When it's 22:00 (GMT +1), it sky rockets to over 50 pips. I wouldn't want my trade to get closed whilst it's still 100meters away!