Hello Traders, *The Fundamentals: - GDP Growth: (CAD: -0.1% / CHF: 0.0%) - Inflation: (CAD: 5.9% / CHF: 3.4%) - Unemployment: (CAD: 5.0% / CHF: 2.1%) - Interest Rates: (CAD: 4.50% / CHF: 1.0%) The Fundamentals are slightly in the favor the CHF over the CAD with the unemployment and inflation numbers.
*Sentiment: -COT Report: shows /42.0%%/ of the institutional Future open contracts are long on the CAD, while /40.4%/ are long on the CHF. - Retail Sentiment: 91% of retail traders are Long. - Now we see a /Risk Off/ sentiment in the with a market and a flight to safe heaven assets like Gold, JPY, USD and CHF.
Technical: The Price is in a good and healthy downtrend with lower lows and lower highs, made a retracement to the /0.618/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.
Trade Safe
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The Price respected the resistance level at the /0.381/ fib and now the trade is in green...
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I moved the stop loss to the entry level
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Now the retail sentiment is: 95% Long
Trade closed manually
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I closed the trade at break even.
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I'm still short bias on CADCHF ...Looking for short entry, most likely when the price reach /0.68050/, I'll short it again