CADCHF current resistance closely watched
CADCHF has been consistently in a downtrend since January 2023. As of now, the price has reached its downtrend resistance level for the fourth time. The crucial question is whether it will once again respect this trendline resistance and proceed downward, if fails to overcome this resistance, it might continue to face selling pressure, possibly targeting levels around 0.6620 and 0.6480 to maintain its downward trajectory.
However, there's also the possibility that CADCHF could break out from this persistent downtrend resistance. If this scenario unfolds, it might surge upwards, potentially reaching levels around 0.6810 and even 0.6930. This breakout would signify a significant shift in the currency pair's trend direction. Traders and investors will closely monitor these key levels to gauge the future direction of CADCHF.
However, there's also the possibility that CADCHF could break out from this persistent downtrend resistance. If this scenario unfolds, it might surge upwards, potentially reaching levels around 0.6810 and even 0.6930. This breakout would signify a significant shift in the currency pair's trend direction. Traders and investors will closely monitor these key levels to gauge the future direction of CADCHF.
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