Descending triangle almost confirmed, good entry could be the next bearish candle below the horizontal support as it confirms the pattern is complete.
I would expect the resulting downtrend to continue until the 1.40 support level.
Let me know what you think!
WE GOT HERE A NICE POTENTIAL BUY SETUP.
IF WE MANAGE TO CLOSE TODAY ABOVE 1.3220,WHAT I BELIEVE WE WILL,
WE CAN BE LOOKING AT THIS NICE LONG OPPORTUNITY.
YOU CAN TAKE THE GREEN ZONES AS TAKE PROFIT AREAS,
MANAGING YOUR RISK AND LOOKING HOW PROCE REACTS AT THIS AREAS.
A head and sholder patern is forming. A break of the neck line would show possibiliy to the downside. The first target would be the support zone around the 78% fibonacci level. The second target is the length of the head to the neck line of the head and sholder pattern.
chf/cad has touched 4hr/1hr zone followed by falling wedge. Price respected the weekly zone so I was actually waiting for retest of that area however, price has touched the 4hr/1hr zone before and that zone is very strong in terms of direction.
This is my opinion on Cad/Chf next week. Ascending triangle entering from the top exiting bottom on past up trend. Current trend ascending triangle with entrance from the top. Previous triangle acting as resistance. Just my thoughts and opinion not financial advice.
Within the next few days, I expect the swiss franc over the Canadian dollar to reach a 1.363 price target. This is due because some positive correlations to strong buys as well as continued volatility over positive correlations in price. Also the Canadian dollar recently started getting slightly weaker along with the US Dollar, hence leading into further...