CAD/CHF - opportunity to go long from 0.6990

CAD/CHF entered today. After a bullish break out from both weekly and daily descending trend lines, price has now returned into a strong support zone of 0.6990. We now see a good possibility of a bullish continuation from this zone.

Some manipulation is expected around this strong support level hence the stop loss position below previous trend lines. Eventually we believe price will continue in a bullish fashion and at least retest the new highs created this week.

If price breaks and holds below weekly or daily descending trends again, we will exit the trade.