Welcome to this analysis on CAD/CHF.
Canadian Dollar has been one of the weakest pairs of the Forex market recently.
Looking at the chart, it made a topping Head And Shoulders pattern at the beginning of June that got confirmed by a break of 0.7 and had a massive drop to 0.69. Since then it has been consolidating for over a month.
Looking at the consolidation it looks like a Descending Triangle that is usually a bearish pattern and in this case, it should act as a continuation pattern to the downside. The pattern just got activated by a break below 0.691. The target of the pattern is around 0.68 as long as the price is trading below the breakdown point of the pattern.
The first support area below the current price is the red box around 0.688 and below that the April lows around 0.68.
This trade idea has 3.5 rewards to risk ratio.
Good luck trading :)
Canadian Dollar has been one of the weakest pairs of the Forex market recently.
Looking at the chart, it made a topping Head And Shoulders pattern at the beginning of June that got confirmed by a break of 0.7 and had a massive drop to 0.69. Since then it has been consolidating for over a month.
Looking at the consolidation it looks like a Descending Triangle that is usually a bearish pattern and in this case, it should act as a continuation pattern to the downside. The pattern just got activated by a break below 0.691. The target of the pattern is around 0.68 as long as the price is trading below the breakdown point of the pattern.
The first support area below the current price is the red box around 0.688 and below that the April lows around 0.68.
This trade idea has 3.5 rewards to risk ratio.
Good luck trading :)
Trade closed: stop reached
Comment:
Comment:
-0.5 R
Comment:
new analysis on this pair.
new analysis on this pair.
