Best Place To Short CAD/CHF To Get 200 Pips ! Ready For It ?The Price At Very Important Res Area That Was A Great Support For This Pair For Long Time So I Think It Will Push The Price To DOWNSIDE Very Hard In The Next Few Days If We Can Close Below It Today And Tomorrow .
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CADCHF trade ideas
CADCHF ShortAfternoon from this side guys, here is my take on this pair. i am looking to go short on this particular instrument because of where the market is at, and in confluence to my level i can see a pattern of double top being printed by the candles. so currently i am waiting for the current candle to signal my entry in the next few hours.
CADCHF Will Go Lower From Resistance! Sell!
Take a look at our analysis for CADCHF.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 0.631.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 0.626 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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Could price reverse from here?CAD/CHF is rising towards the pivot which has been identified as a pullback resistance and could reverse to the pullback support.
Pivot: 0.63648
1st Support: 0.62457
1st Resistance: 0.64492
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CADCHF in Bullish TrendCADCHF is in bullish trend on 1H time frame. However, the same pair had already broken out the pole of bearish flag on a daily chart. Focusing on the hourly chart, there was a bullish divergence after which the trend has become bullish. It might remain bullish till it catches up with the projection of a bearish flag projection from there it might turns bearish again. I have placed a pending order of Buy Top on a hourly chart.
The Signal is:
EP: 0.62288
SL: 0.61474
TP: 0.6310
RR: 0.5%
CADCHF Bear StrikeBias Bearish
Fundamental
CAD is bearish. CHF is ongoing bullish momentum
Price Action
Price retrace back into H4 SR level. Price consolidated in H4 SR level. Price broke through retracement M15 trendline and M15 Consolidation support level. Price close with a bearish momentum candle
Confluence
H4 SR level rejection, M15 SR level broken, M15 Bullish Trendline broken, Bearish momentum candle.
Setup
Short Entry at M15 broken SR level.
SL 2x ATR(20) M15
TP Next Daily/H4 swing low. R:R 1:4