Short Play on CADCHF in light of recent poor GDP Figures

FX:CADCHF   Canadian Dollar/Swiss Franc
540 2 0
Fundamentally, OIL             Prices have been dropping, coupled with recent poor data, suggesting that CAD may slip into recession. The number of Long OIL             Futures has also been reducing from the Commercials each week (citation needed). No explicit data releases for CAD or CHF today.

Technically, the H4 has mixed Tweezer Tops and an appealing Bearish Engulfing Bozu off the 50 SMA Dynamic Resistance (.75400 as the Hard Session Limit) with an Overbought Stochastic (though this could be indicative of buying pressure).

  • The CHF is very sensitive to EUR concerns, with the elephant in the room being Greece.
  • A rebound in OIL             could also be a detriment.
  • The SNB likes to intervene on things without telling anyone until after. This usually has a direct impact on CHF.
All targets hit. TP Taken @ 0.7455
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