Over the Thanksgiving long weekend, the Dollar was able to create a new high for the year at 94.560. Additionally, a swing trade for CADCHF has presented itself as price runs into daily resistance.
The Dollar started off last month with a bang as the price was able to create a new high at 94.500. However, the bears were able to dip the price to a low of 93.675. Since then, bulls have begun another rally and have created a new high for the year. The next target for bulls is 94.750.
CADCHF bulls could see their luck run out as the price approaches daily resistance near 0.74800. Price has had a tough time breaking this level for much of the year and bearish price action on the daily could warrant an entry short. A long-term target could be daily support at 0.72000.
Although it’s a four-day trading week, there will be an abundance of key fundamental events such as the US CPI data, Australian unemployment release, and FOMC meeting minutes just to name a few. It will be a fun and exciting week to trade for traders as these events will potentially provide direction and volatility in the Forex market.
For more Forex content like this:
- Sign up to become a Pro Tradergold
- Join our Discord server and chat with us
- Book a Demo with us to get a full tour
- See our Pro Trader Membership Pricing plans
- Read our previous blog article: Mixed Non-Farm Payroll Result + Crypto Markets Pullback Before Next Leg Up
