darcsherry
Short

CADCHF | MY PERSPECTIVE FOR THE WEEK

FX:CADCHF   Canadian Dollar/Swiss Franc
Despite the Bullish run (Corrective move) from late July 2020; The anticipation of negative numbers and economical dent from Unemployment rate and Net Change in employment was not a convincing yard for a continuing rally. Price broke out of my Key level in the beginning of the week only to Break down and close below this level in the latter part of the week inciting a much good reason for Buyers to step aside for a better deal in the following week(s).

Tendency: Downtrend ( Bearish )
Structure: Retracement | Trendline | Breakdown
Observation: i. The fall of price that began mid-July appears to continue its second phase of decline after completing a correction into 61.8 retracements of impulse leg.
ii. Breakdown of my Key level @ 0.68300 is enough signal for me to consider Bearish bias this coming week.
Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:2.5
Potential Duration: 3 to 10 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.



NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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