From the Technical Views:
1. From the daily point of view, the price failed to break the trend line and continue moving inside the bearish trend line.
2. Also, after the fake breakout to the upside, CADCHF created an M pattern, we can expect a small retracement to the middle of the M pattern, we can find a long opportunity and target the middle of the M pattern. And this target is correlated with the 32.8 FIB level, price may retest to this zone before moving to the downside.
From the Institutional's Views:
1. Bullish bias on both CAD and CHF.
2. In the new data, 6.6k of long positions were added on CAD, 3.5k of short positions were added on CAD, meaning that they are start shorting the CAD, after a few week without any proper shorting on CAD, so we can expect more weakness on the EUR. However, more long positions also added on the CHF, approximate 1.2k of the long positions were added. But from their perspectives, CHF is stronger than CAD, and CADCHF should move to the downside after the small retracement.
How to approach CADCHF?
1. If the market will go a bit lower, then we can be looking for a long opportunity in the lower timeframe, to complete the M pattern on the daily timeframe. OR If the market will straight retest the 38.2 FIB level and show rejections inside this area, then we can be looking for the short opportunity in the lower timeframe and complete the bearish Elliot Corrective Waves pattern, a.k.a ABC pattern
2. Just long at the current price is not a good idea, because overall is extremely bearish on the lower timeframe, it can simply moving to the downside without any retest.
3. short at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on CADCHF or which pairs you would like to me analyze in the future.
1. From the daily point of view, the price failed to break the trend line and continue moving inside the bearish trend line.
2. Also, after the fake breakout to the upside, CADCHF created an M pattern, we can expect a small retracement to the middle of the M pattern, we can find a long opportunity and target the middle of the M pattern. And this target is correlated with the 32.8 FIB level, price may retest to this zone before moving to the downside.
From the Institutional's Views:
1. Bullish bias on both CAD and CHF.
2. In the new data, 6.6k of long positions were added on CAD, 3.5k of short positions were added on CAD, meaning that they are start shorting the CAD, after a few week without any proper shorting on CAD, so we can expect more weakness on the EUR. However, more long positions also added on the CHF, approximate 1.2k of the long positions were added. But from their perspectives, CHF is stronger than CAD, and CADCHF should move to the downside after the small retracement.
How to approach CADCHF?
1. If the market will go a bit lower, then we can be looking for a long opportunity in the lower timeframe, to complete the M pattern on the daily timeframe. OR If the market will straight retest the 38.2 FIB level and show rejections inside this area, then we can be looking for the short opportunity in the lower timeframe and complete the bearish Elliot Corrective Waves pattern, a.k.a ABC pattern
2. Just long at the current price is not a good idea, because overall is extremely bearish on the lower timeframe, it can simply moving to the downside without any retest.
3. short at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on CADCHF or which pairs you would like to me analyze in the future.