CADCHF has broken through a weekly support (yellow zone plotted on chart) and has perfectly retested the broken support. The previous support is now acting as resistance. On a daily timeframe, CADCHF is forming a bearish flag pattern (a continuation pattern), indicating that the pair may see further downside.
Price is currently attempting to break the supportive trendline and price is completely bearish on a 4H timeframe, presenting a good opportunity for bears to open short positions now.
Only open a position if you are satisfied that the setup meets your strategy's requirements.
Be sure to follow me for more ideas and analyses.
Best of luck traders!
Price is currently attempting to break the supportive trendline and price is completely bearish on a 4H timeframe, presenting a good opportunity for bears to open short positions now.
Only open a position if you are satisfied that the setup meets your strategy's requirements.
Be sure to follow me for more ideas and analyses.
Best of luck traders!