CADCHF Bearish technical view.
To begin on this pair, starting off by noting the clear Head & Shoulders structure/pattern that is developing. Noting the clear neckline at the 0.6800 handle and the shoulder level at the 0.6970. Last week we capitalised very nicely on the swing buy setup over the week as a carry trade into the shoulder level mentioned.
Moving onto present day, we can see 2 failed breakout to the upside displaying the wick rejections from the 0.6980 level. Delving further into this, we can also identify the consolidation into the weekly close, with an initial breakout below the highlighted shorter term zone at the 0.6950 level. Price in turned retested this on the hourly before making the initial moves to new lows to start the week.
Our favoured technical bias now, is for the downside continuation through the course of this week to retest the key 0,.6800 level. The short bias is deemed invalidated in our opinion where price breaks and closes above the wick highs created last week.
Should you choose to follow, good luck and use good risk management!
Thanks,
Educate2trade team.
To begin on this pair, starting off by noting the clear Head & Shoulders structure/pattern that is developing. Noting the clear neckline at the 0.6800 handle and the shoulder level at the 0.6970. Last week we capitalised very nicely on the swing buy setup over the week as a carry trade into the shoulder level mentioned.
Moving onto present day, we can see 2 failed breakout to the upside displaying the wick rejections from the 0.6980 level. Delving further into this, we can also identify the consolidation into the weekly close, with an initial breakout below the highlighted shorter term zone at the 0.6950 level. Price in turned retested this on the hourly before making the initial moves to new lows to start the week.
Our favoured technical bias now, is for the downside continuation through the course of this week to retest the key 0,.6800 level. The short bias is deemed invalidated in our opinion where price breaks and closes above the wick highs created last week.
Should you choose to follow, good luck and use good risk management!
Thanks,
Educate2trade team.