CADCHF: Sell at resistance

Updated

This pair is showing lower highs and lower lows on 4 hourly chart. On the flip side last daily candle is a Bullish Hammer. My vote goes in favor of Dow Theory. My call is SELL at daily and weekly resistance with a Stop loss placed at last lower low.

Note

Target achieved.
Plan: A rebound from here is expected due to formation of Bullish on daily chart.
Reentry with a SELL stance is due at weekly resistance 0.71471 and 0.71673 as the bearish trend is intact on both daily and 4 hourly charts.

Note

Or we can enter with a SELL at 0.5 Fib retracement which is lying between 0.71471 and 0.71673 weekly resistances.

ifanwar

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